Tata Power Ltd announced that it has received approval from the Mumbai Bank of the National Company Law Tribunal (NCLT) for the Composite Scheme of Arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders.
CGPL is a wholly owned subsidiary of Tata Power and operates the 4000 MW UMPP in Mundra, Gujarat.
“The plan calls for the merger of CGPL with Tata Power and will result in numerous benefits such as consolidated business into one entity,” the company said in a statement.
“Other benefits include obtaining easier financial support, increasing operational efficiencies and enabling cost savings through rationalization and legal entity consolidation,” it added.
