GMR Power acquires 100% stake in GMR Consulting Services

GMR Power and Urban Infra Limited has successfully acquired the complete stake (100%) in GMR Consulting Services Limited (GCSL) from GMR Energy Limited (GEL), a subsidiary. Although GCSL was already a step-down subsidiary of the company, this acquisition elevates it to a fully owned subsidiary status.

Regarding related party status and interests of the promoter group, the transaction with GMR Energy Limited, a related party, is conducted at arm's length and falls within the regular course of business. Notably, the promoters have no stake in the acquired entity.

As a result of this acquisition, GMR Consulting Services Limited will now operate as a wholly owned subsidiary under GMR Power and Urban Infra Limited.

The acquisition cost is valued at Rs. 10/-, determined by an independent valuer's assessment.

GCSL, established on February 8, 2008, as a GEL subsidiary in India, primarily offers consultancy services for companies involved in Power Projects. While GCSL has been inactive in business operations recently, it has not generated significant revenue over the past three years.