The proposed sale is yet to receive approval from the shareholders, as well as other required approvals.
The company has decided to sell its biomass unit in order to facilitate the unit to sell power on the Group Captive mode in the state that would help the company to maintain stability of operations and realization.
"The board of directors has approved the proposal to sell whole of the 10 MW biomass unit of the company in Tamil Nadu by way of slump sale "on a going concern basis", to one of its wholly owned subsidiaries," Orient Green Power Company said in its filing.
Orient Green Power Company operates as an independent operator and developer of renewable energy power plants in India. Its portfolio includes biomass, biogas, wind energy, and small hydroelectric projects at various stages of development.
