Tata Power gets shareholders' nod to keep TPSSL as independent entity

03 Dec 2021 Evaluate

Tata Power Company has got shareholders' approval to amend a scheme of arrangement to keep Tata Power Solar Systems (TPSSL) as an independent entity, contrary to its earlier plan to merge it with itself.  The company had given a postal ballot notice to amend the amalgamation scheme to keep the TPSSL as a separate entity and let it continue as a wholly-owned subsidiary, rather than merging it with the company as envisaged under the composite scheme. The resolution has been passed by the members of the company with requisite majority on December 2, 2021 -- the last date of voting.

In recent months, there have been numerous favourable policies of the government to promote and encourage entities engaged in solar manufacturing, including production linked incentive scheme to make high-efficiency solar PV modules, and the imposition of basic customs duty on the import of solar cells/modules. Consequently, the government policies are likely help TPSSL further expand its existing manufacturing capacities and create more shareholder value. Therefore, it was felt that it would be commercially prudent and desirable to keep TPSSL as a separate entity rather than merging it with the company as envisaged under the Composite Scheme.

Tata Power Company is India’s largest integrated power company.

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