Hinduja Group Firm GOCL Corporation Limited (GOCL) on Friday, August 29, said its board of directors has given an in-principle approval to the acquisition of the thermal power operations of Hinduja National Power Corporation Limited (HNPCL), subject to necessary diligence.
The move comes as GOCL nears completion of monetising its land at Kukatpally, Hyderabad, and divesting its major subsidiary. With surplus liquidity and a strong asset base, the company plans to deploy resources into its next phase of transformation by entering the energy sector.
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Hinduja National Power Corporation operates a 1,040 MW (2×520 MW) coal-based thermal power plant near Visakhapatnam, Andhra Pradesh, with potential for further capacity expansion.
According to its audited financials for FY24, Hinduja National Power Corporation reported an income from operations of ₹3,573.36 crore, a net profit of ₹996.97 crore (including ₹289.17 crore of regulatory income), and a net worth of ₹3,935.42 crore. GOCL said further updates on the proposed acquisition will be shared as the process advances.
Shares of GOCL Corporation Limited ended at ₹351.80, down by ₹8.50 or 2.36%, on the BSE today (August 29).
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