Latest News | Adani Power Arm Approves Merger of Stratatech Mineral Resources into Self
Get latest articles and stories on Latest News at LatestLY. Adani Power Ltd (APL) on Monday said its arm Mahan Energen Ltd has approved a proposal to merge coal mining firm Stratatech Mineral Resources with itself which will help improve fuel security.
New Delhi, Jun 3 (PTI) Adani Power Ltd (APL) on Monday said its arm Mahan Energen Ltd has approved a proposal to merge coal mining firm Stratatech Mineral Resources with itself which will help improve fuel security.
Stratatech Mineral Resources, a subsidiary of Adani Enterprises, has been allocated Dhirauli Coal Mine in Madhya Pradesh. The coal mine is in close proximity to MEL's thermal power plant.
The proposed amalgamation will allow MEL to operate the Dhirauli Coal Mine as captive coal mine and improve its fuel security, the company said in an exchange filing. Dhirauli Coal Mine has a peak-rated capacity to produce 6.5 million tonnes per annum of coal.
The proposed scheme of amalgamation is subject to necessary approvals including that of shareholders, the company said.
"... the wholly-owned subsidiary Mahan Energen Limited (MEL or the transferee company) has approved a scheme...for amalgamation of Stratatech Mineral Resources Private Limited (SMRPL or the transferor company) with MEL," it said.
SMRPL is a wholly-owned subsidiary of Adani Enterprises Limited and engaged in the business of mining of coal, minerals and ores and other allied activities, the filing said. MEL is engaged in the business of generation and sale of power.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)