New Delhi: Power Grid Corporation of India Limited (PGCIL) on Tuesday said that the Ministry of Corporate Affairs (MCA) has approved two composite schemes of arrangement for the merger and amalgamation of 17 wholly owned subsidiary companies into two other wholly owned subsidiaries of the company.
In a regulatory disclosure, Power Grid said the MCA, through separate orders dated January 27, has sanctioned the schemes, which were received by the company on February 4.
Under the approved schemes, 12 subsidiary companies will be merged into POWERGRID Khavda II-C Transmission Limited as part of Scheme Group-A. These include entities associated with transmission projects such as Khavda, KPS, ERWR, Raipur Pool Dhamtari, Dharamjaigarh, Bhadla-Sikar, Ananthapuram-Kurnool, Koppal-Gadag, Neemrana-Bareilly and Bidar transmission systems.
Separately, under Scheme Group-B, five wholly owned subsidiaries—POWERGRID Bhadla III Transmission Limited, Beawar Dausa Transmission Limited, Ramgarh II Transmission Limited, Bikaner Neemrana Transmission Limited and Sikar Khetri Transmission Limited—will be amalgamated into POWERGRID Vataman Transmission Limited.
Power Grid said that as per the MCA orders, the schemes shall be binding on the shareholders and creditors of both the transferor and transferee companies and will take effect from April 1, 2024, which has been designated as the appointed date of the merger.
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