GMR Power and Urban Infra hits the roof on acquiring GMR Green Energy

GMR Power and Urban Infra hit an upper circuit limit of 5% at Rs 21.15 after the company announced that it has acquired 100% stake in GMR Green Energy (GGEPL) from GMR Solar Energy, a fellow subsidiary of the company.

The company has acquired entire 50,000 equity shares of GGEPL at face value of Rs 10 each for an aggregate cash consideration of Rs 5 lakh on 21 June 2022, making it a wholly owned subsidiary of the company.

The acquisition did not require any government or regulatory approval, said the company.

GGEPL was incorporated during the year 2022 with the objective to pursue opportunities in the green energy business and is yet to commence commercial operations.

GMR Power and Urban Infra a subsidiary of GMR Enterprises (GEPL) holds expertise in the sectors of Energy, Urban Infrastructure and Transportation. Urbanization has given the country rapid growth and contributing towards this growth, GMR Group ventured into this business sector.

On consolidated basis, the company reported a net loss of Rs 214.05 crore as against a net loss of Rs 903.85 in Q4 FY22 over Q4 FY21. Net sales jumped 56.3% to Rs 1,151.98 crore during the quarter.

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