GMR Power and Urban Infra purchases 100 percent stake of GMR Solar Energy

GMR Power and Urban Infra announced that it has purchased GMR Solar Energy Private Ltd's entire stake in GMR Green Energy Private Ltd. Incorporated in 2022 with the purpose of pursuing prospects in the green energy sector is GMR Green Energy.

GMR Power and Urban Infra on Wednesday said it has acquired 100 per cent stake in GMR Green Energy Private Ltd from GMR Solar Energy Private Ltd. GMR Green Energy was incorporated in 2022 with the objective to pursue opportunities in the green energy business. It is yet to commence commercial operations.

"GMR Power and Urban Infra Ltd has acquired 100 per cent stake in GMR Green Energy Private Ltd (GGEPL) from GMR Solar Energy Private Ltd (GSEPL) a fellow subsidiary," it said in a BSE filing. The company has acquired the entire 50,000 equity shares of GGEPL at face value of Rs 10 each for an aggregate cash consideration of Rs 5 lakh on June 21, 2022, it added.

The acquisition did not require any government or regulatory approval. Pursuant to the acquisition, GGEPL would become a wholly-owned subsidiary of the company, it added.