Gammon Infrastructure Projects Ltd. said its board accorded in-principle approval for a proposal to amalgamate the Pravara Renewable Energy Ltd. with the company, subject to necessary approvals.
Pravara Renewable Energy, a 100 percent subsidiary of the company, was incorporated for implementing a bagasse fired co-generation facility for generation of 30 MW power at Pravaranagar on Build, Own, Operate and Transfer at Pravaranagar in Maharashtra.
The board also accepted the resignation of Kunal Shroff from the Board.
At the BSE, Gammon Infrastructure Projects shares are currently trading at Rs.14.54, up 3.86 percent from the previous close.
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