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| Exchange Disseminated Time | Orient Green Power Company Ltd has informed BSE that the Company's wholly owned subsidiary M/s. Global Power Tech Equipments Private Limited (GPTL) has received a letter dated April 26, 2016 from its lender M/s. Indian Overseas Bank, stating that they have taken the possession of the property of M/s. Global Power Tech Equipments Private Limited due to non-payment of Principal and Interest amount due to the Bank.
The above Biomass plant has not been in operation for a long period of time due to non-availability of fuel in the vicinity at economically viable prices. As a result, the unit has not been able to make the payment of Interest and Principal. GPTL is taking the necessary steps to resolve the issue. Further, the company is considering disposal of this unit in due course of time. |
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