The National Company Law Tribunal in India has approved the scheme of amalgamation for Sembcorp Industries U96 ’ wholly-owned subsidiaries, Sembcorp Green Infra Limited (SGIL) with Green Infra Wind Energy Limited (GIWEL).
The merger of SGIL and GIWEL is part of an internal restructuring exercise to yield synergies including the optimisation of operational and administrative costs as well as streamlined decision making from the management.
The merger will have no material impact on Sembcorp’s earnings per share (EPS) and net tangible assets (NTA) per share for the FY2023 ending Dec 31.
Upon the completion of the amalgamation, GIWEL will be the holding entity of Sembcorp’s renewables business in India.
Shares in Sembcorp closed 10 cents higher or 1.78% up at $5.73 on June 14.
