Shapoorji Pallonji to exit renewable energy venture floated with BPCL

摘要

Shapoorji Pallonji Agri Management services, an affiliate of the $2.5-bn Shapoorji Pallonji group, will shortly exit the joint venture-Bharat Renewable Energy Ltd.-it floated with Bharat Petroleum Corporation Ltd (BPCL) and Hyderabad-based Nandan Cleantec Ltd. (erstwhile Nandan Bio-matrix Ltd.). Each of the partners has an equal stake in the joint venture. Bharat Renewable Energy Ltd. (BREL) was formed in 2008 to undertake the cultivation and plantation of horticulture crops such as karanja, jat-ropha and pongamia, trading, research and development and management of all crops and plantation including bio-fuels in Uttar Pradesh, with an authorised capital of Rs. 30 crores. "The Shapoorji Pallonji group has recently indicated their intention to exit the joint venture and have offered their holdings to the existing promoters in the proportion of their current shareholding," BPCL said in its annual report.