VRL Logistics opened almost 3% higher today at Rs.530.35, rising further by 8.5% to an intraday high at Rs.558.65; it is among the top five gainers on the BSE, with volumes over 2-times.
The company has signed Memorandum of Understanding (MoU) on lSthApril 2022 with Ratna Cements (Yadwad). This is for transfer of the Wind Power (Sale of Power) undertaking along with all underlying assets and liabilities as a going concern on a slump sale basis.
The MOU is being entered in order to initiate necessary applications to obtain the requisite transfer approvals from various Government Departments, Government agencles and enable financial arrangements from Banks /Financial lnstitutions for the Buyer. The Buyer has placed a token advance of Rs.2 crore prior to signing of this MoU and has been provided a time of upto 31" July 2022 to achieve the completion of transaction with all required approvals along with the remittance of balance sales consideration.
The Wind Power Undertaking of the company, initially comprised of 34 wind turbine generators with capacity of 42.5 MW. As of date, the said project comprises of 32 wind turbine generators with a capacity of 40 MW. These WTG'S are installed at Kappatgudda, District Gada& Karnataka State.
The management of the company is looking to dispose off this undertaklng considering the limited balance life of the said machines as also to focus on its Goods Transport business which is its mainfray.