Tata Power gets NCLT approval for merger of CGPL into it
Tata Power Company Limited
Tata Power today said that it has received approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for the merger of Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders.
The company in a statement said, "The Tata Power Company Limited (Tata Power), one of India's largest integrated power companies, has received approval from the Mumbai bench of Hon'ble National Company Law Tribunal (NCLT) vide its order dated March 31, 2022, for the Composite Scheme of Arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders."
The CGPL is a wholly-owned subsidiary of Tata Power and operates the 4000 MW UMPP in Mundra, Gujarat.
The Scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits such as streamlining the corporate structure and consolidation of assets and liabilities of CGPL within Tata Power, a more efficient utilization of capital for the enhanced development and growth of the consolidated business in one entity.
Further benefits include availing easier financial support, bringing operational efficiencies, and enabling cost savings through legal entity rationalization and consolidation.
Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,515 MW. The Company is India's most progressive green energy brand, with operations across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.
The Company had developed the country's first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 4.7 GW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 34% of the overall portfolio, the company is a leader in clean energy generation.