Financial Insights

Tata Power gets NCLT’s approval for its merger with CGPL

Tata Power announced that it has received the approval of the National Company Law Tribunal (NCLT) to merge it’s wholly owned subsidiary Coastal Gujarat Power Limited (CGPL) with itself.

CGPL operates a lossmaking 4,000 MW power project in Gujarat. The scheme of merger will assist in streamlining the corporate structure of the company and consolidate all the assets of CGPL into Tata Power.

The company said the merger was part of a strategic initiative to simplify the group holding structure and a broader plan to set the company for future growth through fiscal consolidation and strengthening of balance sheet

“The merger aims to achieve the long-term objectives by facilitating efficient use of cash and making available corporate support to the businesses of the said wholly-owned subsidiaries as needed,” the company said.

Moreover, Tata Power has collaborated with realty developer Rustomjee Group to set up EV charging stations all across it’s residential and commercial projects in the Mumbai Metropolitan Region. To this day, Tata Power has set up around 100 EV charging stations all across Mumbai.

Furthermore, Tata Power Community Development Trust (TPCDT) has announced that it has today partnered with the Center for Autism and other Disabilities Rehabilitation Research and Education (CADRRE) to launch ‘Pay Autention – A different mind is a gifted mind’, India’s first bridgital Autism support network.

Under this initiative, Tata Power Community Development Trust (TPCDT) and CADRRE aspire to empower parents, caregivers, Anganwadi workers, public health center workers, schoolteachers, staff of social development organizations, and social workers to be the primary identification and support champions and who will augment early intervention for children and young adults with Autism.

Highlight by Aman Agarwal.

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