BGR Energy Systems has received approval for sale of entire investment of the Company in its wholly owned subsidiary -- Sravanaa Properties. The board has approved the same in the meeting held on February 14, 2019. Sravanaa Properties owns landed property admeasuring about 6.18 acres situate at BEL Road, off mount poonamallee High Road, Nandambakkam, in Chennai.
The Board also authorized the Committee of Directors to explore opportunities and valuation of aforesaid investment for the purpose of sale transaction and do necessary acts for execution of the proposal. The proceeds of sale of investments will be utilized to shore up working capital or reduce debt of the Company.
BGR Energy Systems is a holding company. The company is engaged in construction and maintenance of power plants.