Why would one give away anything without consideration? and here things are in crores…
The Target Company is engaged in the
business of development of solar power
projects. The Target Company proposes to
set up a 70 MW solar park at Dhrangadhra,
Surendranagar, Gujarat, and a 30 MW solar
park at Kantvav, Surat, Gujarat, aggregating
to 100 MW of solar power projects on
Independent Power Producer (“IPP”) model.
The Target Company also owns 2,11,367 sq
mtrs. of land at Surendranagar, Gujarat on
freehold basis for development for solar
power projects. The Target Company has also
secured necessary approvals from Gujarat
Energy Transmission Corporation Limited
(“GETCO”) to evacuate the power generated
at the respective solar power plant to the
nearest 66KV / 220KV sub-station. The Target
Company has already entered into long term
power purchase agreement for sale of 30MW
of solar power proposed to be generated
from solar park located at Kantvav, Surat,
Gujarat. Further, the Target Company has
also received interest from certain customers
for sale of 70MW solar power proposed to be
generated from solar park located at
Dhrangadhra, Surendranagar, Gujarat.
But what’s bothering me is why build another company when you have KPI green to do the same thing? It is not a B2C business to choose a multi-brand model as a means to increase sales and also the land I suppose is not worth more than 30cr. but the good part as stated earlier, the promoter is trying to increase stake and not take money.
Note– Shareholder’s approval is pending and we should utilize our powers after having better clarity about the same.
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