M AND B Switchgears has received purchase order for 1MWp solar power generating system which will be installed under REC mechanism as per the order received.
Recently, the company had received its board approval to dispose of all the holding in its wholly owned subsidiary through sale / transfer of shares at the fair value as the subsidiary is recently formed and business is not yet started. The company’s board gave the approval for the same at the meeting held on March 01, 2012.
M AND B Switchgears is engaged in manufacturing of power transformers, distribution transformers, furnace transformers and special purpose transformers. The company proposes to use the net proceeds of the issue to part-finance its project of setting up a new grid connected 4 MWp solar photovoltaic power plant at Gagorni in Rajgarh district of Madhya Pradesh.
