Orient Green Power cancels equity sales deed with Singapore firm
Orient Green Power Company Limited has said that an Memorandum of Understanding (MoU) signed with Sindicatum Captive Energy Singapore Pte Limited, to divest entire stake held in Orient Green Power (Maharashtra) Private Limited (OGPML) for a sale of 20 MW co-generation power project in Kolhapur, Maharashtra, stands cancelled. The company, in a regulatory filing said that while the plans were to sell 100 per cent equity shares held by OGPML to the Singapore-based company, Padmashri Dr D Y Patil Sahakari Sakhar Karkhana Ltd (society) exercised its option of first right to purchase the shares of OGPML as per the terms of Build, Own, Operate and Transfer (BOOT) agreement signed with them. Earlier, the company said that it has been supplying electricity and steam to the Society against delivery by the Society of bagasse, fresh water, land on lease and sugar cane and the company had obligation to transfer the facility to the Society after 13 years from the date of commencement of commercial .10-05-2017