The Board of TVS Motor Company Ltd has cleared a proposal to divest majority stake in its subsidiary, TVS Energy Ltd, according to a notification to stock exchanges.
According to the company’s annual report, TVS Motor holds 94.5 per cent stake in TVS Energy. Reports indicate that Mytrah Energy, Orient Green Power and Green Infra were in the race to pick up a stake and the Delhi-based Green Infra has finalised the deal, which involves windmill assets of nearly 60 MW.
Industry estimates peg the asset value at about Rs 350-360 crore.
In 2012-13, TVS Energy had clocked revenues of Rs 43.62 crore and a net profit of Rs 4.50 crore.
In 2011-12, the subsidiary had posted a loss of Rs 7.34 crore.
TVS Motor's share price closed 5.89 per cent higher on the BSE on Thursday to close at Rs 31.45.