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| Exchange Disseminated Time 09/11/2015 18:44:54 | Energy Development Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 09, 2015, has approved and executed two agreements with Essel Infraprojects Ltd. ("EIL") wherein EIL will invest in the Hydro power projects held by the Company through various subsidiaries in the state of Arunachal Pradesh and Uttarakhand, having total project capacity of 650 MW (approx.). Upon consummation of the transaction contemplated under these agreements, EIL (either itself or through its affiliates) shall hold 76% and the Company shall continue to hold 24% of the share capital of such project companies.
The transaction is subject to certain conditions precedents to be fulfilled by the Company and all share transfers under the said agreements are contemplated at cost thereby ensuring that the Company has no loss on the Investments made so far. Further, the agreements executed on November 09, 2015, will be implemented latest by March 31, 2016 and are subject to various regulatory and other requisite government approvals. |
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