Hatsun Agro Product Ltd. (HAP) has approved the sale of its windmill division to V.K.A. Polymers Pvt. Ltd. at a consideration of ₹135 crore on a slump sale basis.
The agreement would be executed by September 2023. In case of a default, HAP will choose another buyer, the dairy products maker said in a regulatory filing.
HAP said power needs could be met by purchasing solar power from various solar power generating companies, which would result in saving on power cost. There had been no revenue from operations since the power generated was for captive consumption.
V.K.A. Polymers is into manufacture of innovative vector control products. It had invested in windmill power generation for its group captive consumption.
