Bajaj Hindusthan to sell Lalitpur Power stake

Bajaj Hindusthan Sugar plans to sell its entire 17.51 per cent stake in the group firm Lalitpur Power Generation Company (LPGCL), estimated to be worth Rs 1,100 crore.

The company had invested Rs 770 crore in LPGCL and now needs to divest non-core assets as per the debt restructuring scheme approved by the lenders.

Bajaj Hindusthan Sugar has convened an extraordinary general meeting on August 4 to seek shareholders' approval for sale of its share in LPGCL to another group firm Bajaj Energy.

In a notice to shareholders, Bajaj Hindusthan said that the company's investment in LPGCL has been identified as "non-core to the sugar and allied business activities".