Orient Green Power Company's wholly owned subsidiary Global Power Tech Equipments’ (GPTL) property has been taken in possession by Indian overseas Bank (IBO) due to non-payment of Principal and Interest amount. The company has received letter dated April 26, 2016 from its lender for the same.
The above Biomass plant has not been in operation for a long period of time due to non-availability of fuel in the vicinity at economically viable prices. As a result, the unit has not been able to make the payment of Interest and Principal. GPTL is taking the necessary steps to resolve the issue. Further, the company is considering disposal of this unit in due course of time.
