Karma Energy has received an approval for the Scheme of Arrangement (Demerger / Acquisition) of the Wind Power division of Weizmann Forex (WFL) with itself. The Board of Directors of the Company at their meeting held on November 17, 2017 approved the same.
The proposed Scheme would result in segregation of and the transfer of wind power division of Weizmann Forex (Demerged undertaking) which is a non-core business activity of WFL and at the same time for KEL wind power generation is the main business activity and therefore the demerger could facilitate both the companies for future expansion with proper financial arrangement, better management and increase in profitability.
Karma Energy spearheads the development of Renewable Energy Sector viz. Wind Power, Small Hydro Power of the Group.