Comments
Kolkata-based Techno Electric & Engineering has sold wind assets worth 44.45 MW at Rs 215 crore. The wind assets were located in Tamil Nadu and belonged to its fully owned subsidiary Simran Wind Project Ltd (SWPL).
Post the sale, SWPL has wind assets to the tune of 117.9 MW, while Techno Electric has wind assets worth 45 MW. Majority of the company's existing assets (80 per cent) is located across Tamil Nadu with the remaining being located in Karnataka.
According to PP Gupta, Managing Director, Techno Electric, power generation was not the core business of the company and accordingly it had decided to focus on transmission and distribution (power).
“Power generation is not strategic to our business. Moreover, the capital employed in the business (wind power) was not very rewarding. Now, there has been a improvement in sentiments and there are interested investors,” he told BusinessLine.
Techno Electric had invested Rs 350 crore in 2008-09 and another Rs 650 crore in 2011-12 towards creation of these wind assets.
The Techno Electric stock closed at Rs 415.30, down by 1.66 per cent, on the BSE on Monday.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.