The Board of Directors of state-run hydro power major NHPC on Tuesday approved the proposal to merge Lanco Teesta Hydro Power Ltd with it.
New Delhi: The Board of Directors of state-run hydro power major NHPC on Tuesday approved the proposal to merge Lanco Teesta Hydro Power Ltd with it.
Lanco Teesta Hydro Power is a wholly-owned subsidiary of NHPC. The state-run major had won the bid to take over the 500 MW Teesta VI hydro power project under the corporate insolvency resolution process (CIRP).
Lanco Teesta Hydro Power was executing the 500 MW (125 MWx4) Teesta VI hydro project on the Teesta river in Sikkim.
“The Board of Directors of NHPC Limited in its meeting held today i.e. Tuesday, October 20, 2020, has approved the proposal to initiate the process of merger/amalgamation of Lanco Teesta Hydro Power Ltd (a wholly owned subsidiary of NHPC Limited) with NHPC Ltd under Section 232 of the Companies Act, 2013 subject to approval of Government of India,” NHPC said in a regulatory filing.
Shares of NHPC on Tuesday closed at Rs 20.25 on the BSE, higher by 1.25 per cent from its previous close.