Indian Overseas Bank Acquires Global Power Tech Equipments Plant
Orient Green Power Company on Saturday said Indian Overseas Bank has taken the possession of a biomass plant of the company’s subsidiary Global Power Tech Equipments on account of non-payment of principal and interest due to the bank.
“Company’s wholly-owned subsidiary Global Power Tech Equipments (GPTL) has received a letter dated April 26, 2016 from its lender Indian Overseas Bank, stating that they have taken the possession of the property of GPTL due to non-payment of principal and interest amount due to the bank,” Orient Green Power said in filing to the BSE.
The biomass plant has not been in operation for a long time due to non-availability of fuel in the vicinity at economically viable prices, it said, adding that as a result, the unit has not been able to make the payment of interest and principal.
GPTL is taking all necessary steps to resolve the issue. Further, the company is considering disposal of this unit in due course of time.