Orient Green Power to sell biomass business to promoter Shriram Ventures
Debt-ridden Orient Green Power Company (OGPL), a leading listed independent renewable energy-based power-generation company, on Friday announced that its board of directors has approved the sale of the bulk of its biomass operations to its promoter company, Shriram Ventures (SVL), or its subsidiaries. OGPL, promoted by Chennai-based Shriram Group, has approved the sale at an enterprise value of Rs 275 crore.
The hiving off of the biomass business comes at a time when OGPL has been in the process of merging its wind business with IL&FS Wind Energy. Private equity companies-backed OGPL had 96 MW of biomass, of which it had already sold 30 MW in Rajasthan and Maharashtra.