TVS Motor Company has submitted a note to BSE confirming its plan of exiting from the wind energy business.
TVS Motor is having wind projects of around 59.5 MW capacity has been set up with an investment of around Rs. 37.5 Crores under the two SPVs TVS Wind Energy Ltd and TVS Wind Power Ltd.
All the projects have been registered with the United Nations Framework Convention on Climate Change (UNFCCC) under Clean Development Mechanism (CDM) for carbon credits.
As said by the company officials, it has decided sell and not be in the business as it is capital-intensive.
In the recent time, several wind developers are selling of their wind generation projects. Further, the wind industry in the country is also issues related to policy and regulatory.
With the slowdown in the economy, bankers are forcing several companies that have invested in their non-core businesses and raise funds, resulting in companies like TVS selling off stake in the energy business.
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