Surya Chakra Power Corporation Ltd

Suryachakra Power Corporation Limited was incorporated on 28 February 1995, as a Public Limited Company. The Company was converted into a Private Limited Company with effect from 9 August 2000. Pursuant to this, the name of the Company was changed to 'Suryachakra Power Corporation Private Limited'. The Company got re-converted into a Public Limited Company with effect from 8 September 2005. Pursuant to this, the name of the Company was changed to Suryachakra Power Corporation Limited. The Company is engaged in the generation and sale of electricity. The company has bagged the award to construct and operate a 20 MW Diesel based Power Plant in Andaman & Nicobar Islands. This Power Station has to work as base loan station and supply energy in the South Andaman i.e. Port Blair and nearby Villages. The plant started commercial operation in April 2003. It is the only company in the private sector to dedicate a thermal power plant in the union territory of Andaman and Nicobar Islands to the nation. November 2005, the Company has acquired 100% stake in three companies that are also into power generation. Viz. Lahari Power & Steels Limited, South Asian Agro Industries Limited and MSM Energy Limited. Lahari, SAAIL and MSM have become wholly owned subsidiaries of the company. The Company commenced domestic coal trading activities from February 2008. The 9.8 MW Biomass based power plant at Madwa Village, Champa-Janjgir District, in Chhattisgarh State commenced commercial operations from October, 2008. During the year 2007-08, the Company made a public issue of 34000000 equity shares of Rs.10/- each at a premium of Rs.10/- each aggregating Rs. 68 Crores, and resulting to this, the equity shares were listed on the Bombay Stock Exchange Limited. During the year 2009-10, the Group enlisted the services of M/s. Ernst & Young (E&Y) an internationally known consultancy firm, for restructuring the subsidiary Companies of the Company. According to the Scheme prepared by E&Y, a Clean Energy Vertical was created with Suryachakra Global Enviro Power Limited (SGEPL, formerly Lahari Power & Steels Ltd), as the second level holding Company and all the existing renewable energy (Biomass) Power Projects were brought under one roof. The other three subsidiaries of the Company viz., M.S.M. Energy Limited, South Asian Agro Industries Limited, Sri Panchajanya Power Private Limited became wholly owned subsidiaries of SGEPL. In consideration of the divestment of its shares in three subsidiaries, the Company was allotted 24,820,150 equity shares of Rs. 10 each of SGEPL at a premium of Rs.12.94 per share. The Company also acquired 6,251,205 equity shares of SGEPL for cash at Rs.22.94 per share The 10 MW biomass based power plant at Parbhani, Maharashtra was commissioned and synchronized with the grid of MSEDCL on 15th November, 2010. The 10 MW power plant at Limbala MIDC, Hingoli, Maharashtra was commissioned and synchronized with the grid of MSEDCL on 5th September, 2010