Deals23 Jan 2024, 12:07 am
HPCL Forms Wholly Owned Subsidiary for Green Energy Business
AI Summary
HINDUSTAN PETROLEUM CORPORATION LTD. has formed a wholly owned subsidiary for consolidating its existing green business and foraying into new areas of green/renewable energy business. The subsidiary, HPCL Renewable & Green Energy Limited, has been incorporated on January 19, 2024, and has a authorized share capital of Rs. 1,50,00,00,000/-, paid-up share capital of Rs. 5,00,00,000/-, and turnover of Nil. The acquisition is done at arm's length and does not fall under related party transactions. The company aims to consolidate its existing green business and foray into new areas of green/renewable energy business.,
Key Highlights
- 100% subscription to the share capital is in cash
- HPCL forms wholly owned subsidiary for green energy business
- Authorized share capital: Rs. 1,50,00,00,000/-, paid-up share capital: Rs. 5,00,00,000/-, turnover: Nil