Joint Venture29 May 2025, 03:08 pm
Bihar Sponge Iron Ltd. Approves Disposal of Outdated Power Plant and Repayment Plan with Related Party
AI Summary
Bihar Sponge Iron Ltd. has approved the disposal of its old and technologically outdated SMW Power Plant to G S Pharmbutor Private Limited, a related party. The plant has been non-operational for years and its market value is Rs. 1 Crore. The company also approved a Memorandum of Understanding (MOU) for the repayment of an outstanding loan to G S Pharmbutor Private Limited within a period of five years. The decisions were made at a board meeting held on 29th May, 2025.
Key Highlights
- Disposal of SMW Power Plant to a related party for Rs. 1 Crore.
- Entering into a Memorandum of Understanding (MOU) with G S Pharmbutor Private Limited for the repayment of an outstanding loan within five years.