Bajaj Energy ceases to be subsidiary of Bajaj Hindusthan

Bajaj Hindusthan’s stake in Bajaj Energy — the special purpose vehicle for 450 MW coal fired thermal power project — has come down to 26.07% from earlier 51%, following further allotment of shares by the SPV

India’s largest sugar firm Bajaj Hindusthan said Bajaj Energy, which is setting up five power plants in Uttar Pradesh with a total capacity of 450 MW, has ceased to be its subsidiary.

Bajaj Hindusthan’s stake in Bajaj Energy — the special purpose vehicle for 450 MW coal fired thermal power project — has come down to 26.07% from earlier 51%, following further allotment of shares by the SPV, according to company’s filing to the Bombay Stock Exchange (BSE).

In 2010, Bajaj Hindusthan had forayed into power venture. It had announced setting up five coal based power plants, each with 90 MW capacity, in UP adjacent to its 5 sugar plants.

The project cost was estimated to be at Rs2,300 crore.

In the late afternoon, Bajaj Hindusthan was trading at around Rs32.75 per share on the Bombay Stock Exchange, 5.48% up from the previous close
Source:Money life

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