Gammon India (GIL), construction and engineering major is planning to amalgamate its 100% power generating subsidiary Pravara Renewable Energy (PREL) with itself. PREL is working towards making a petition to the Bombay High Court for approval of the amalgamation. It is also working on establishment of a 30MW co-generation power project at Pravaranagar in Ahmednagar district of Maharashtra.
Recently GIL’s board has agreed to begin talks with lenders to restructure the company’s debt through the corporate debt restructuring process. Lethargic industrial capital expenditure has contracted orders for Indian infrastructure companies and big projects have been stalled by a slow approval process and inadequate capital.