National Thermal Power Corporation Ltd. has informed that with a view, to have benefit of synergy of operation, enhancement of efficiency and administrative control and to optimize utilization of resources, the Board of Directors, in its meeting held on May 10 has approved a Scheme of Amalgamation of NTPC Hydro Ltd. (NHL), a wholly owned subsidiary of NTPC Ltd. with the Company.
The decision is subject to compliance of Companies Act, 1956 and subject to receipt of requisite approval from the Union Ministry of Corporate Affairs, shareholders and stock exchanges.
The Union Ministry of Power, Government of India vide letter dated April 10, has also allowed amalgamation of NTPC Hydro Ltd. with NTPC Ltd., subject to the approval of a competent authority in terms of Section 391-394 of the Companies Act 1956 after following due process.