Sterlite Power completes merger of subsidiary
By IANS |
Published on
Wed, Jan 13 2021 14:51 IST |
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Power demand. (File Photo: IANS). Image Source: IANS News
New Delhi, Jan 13 : Power transmission company Sterlite Power on Wednesday announced the completion of merger of its wholly-owned subsidiary Sterlite Power Grid Ventures Ltd with the parent entity.
With this merger, the company has strengthened its position in the marketplace by integrating operations and streamlining the corporate structure.
Post the merger, Sterlite Power also announced the audited annual results for Financial Year 2020 that shows consolidated revenue growing by 44 per cent year-on-year at Rs 5,158 crore. The consolidated net profit also grew by 280 per cent y-o-y at Rs 942 crore.
Sterlite Power on Wednesday announced completion of merger of its arm Sterlite Power Grid Ventures Ltd with itself. Sterlite Power, a leading global power transmission player, has announced the completion of merger of its wholly-owned subsidiary Sterlite Power Grid Ventures Ltd with the parent entity, the company said in a statement. With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure, the statement added. After the merger, Sterlite Power has announced the audited annual results for the financial year 2019-20 recording outstanding growth in revenue and profit. The consolidated profit after tax jumped 280 per cent year-on year (y-o-y) at Rs 942 crore in the financial year 2019-20 (ended on March 31, 2020). Similarly, the consolidated revenue rose 44 per cent y-o-y at Rs 5,158 crore in 2019-20 (post merger).