Steel Exchange India Limited (SEIL) (BSE: 534748) has received the approval from the High Court of Judicature at Hyderabad for Telangana and AP for amalgamation of Simhadri Power Ltd with the company.
Simhadri Power Limited (SPL), a Vizag-based company, has a coal-fired power plant generating 60 MW of which 34 MW is used for captive purpose and the remaining is sold to the AP Grid. The power plant utilises waste heat from the kilns of sponge iron unit of SEIL generating about 16 MW of power from flue gases. Besides this, the power plant also utilises coal generated by SEIL.
SEIL Managing Director B. Satish Kumar said that the amalgamation would improve the shareholder value by way of improved financial structure, cash flows and asset base.
