Godawari Power and Ispat to sell 50 MW solar thermal power plant for Rs 665 cr

Godawari Power and Ispat is on the radar as the company has decided to sell a 50-megawatt solar thermal power plant for Rs 665 crore to Virescent Infrastructure Investment Manager.

Speaking to CNBC-TV18, Dinesh Gandhi, Director of Godawari Power and Ispat said, “The total deal size is close to about Rs 665 crore. This was a non-core asset and we were looking to sell it for quite some time. Finally, we have been able to close a deal with Virescent which is a KKR backed entity. The 665 crore is subject to certain balance sheet adjustment as on the date of the closing and therefore, the entire money is likely to come to the company.”

He added, “We have decided to set up about 155 megawatts of solar PV capacities so, partially the funds from this sale will go towards the capex for the solar project and then in near future planning to set up in a steel manufacturing as well so, partially the funds could go there.”