According to reports, Amplus Infrastructure Developers has acquired a 42.5 MW wind power generation facility owned by VRL Logistics Limited, largest fleet owner of commercial vehicles in India in the private sector.
HSA Advocates advised Amplus Infrastructure, while J. Sagar Associates advised VRS Logistics on the transaction.
Amplus Infrastructure Developers, is engaged in all kinds of power projects in India.
VRL was looking to exit its wind power and cement business to strengthen its focus on core business since a year.
In 2006, VRL Logistics commenced wind power business by setting up a wind farm of 42.5 MW at Kappatgudda, Gadag district in the State of Karnataka . The wind farm consists of 34 Wind Turbine Generators (WTGs) having individual capacity of 1.25 MW.
The company had also entered into a power purchase agreement with Hescom and sells power at R3.50 per unit. According to Sankeshwar – Chairman, VRL Logistics, the company has an outstanding payment of R78Cr from the Hubli Electricity Supply Company (Hescom) and an overdue interest payment is to the order of R3Cr.
Founded by Vijay and Anand Sankeshwar, VRL Logistics is in the business of providing goods and passenger transportation services. It also operate in three other business segments: courier services, wind power generation and the air charter business. It has a fleet of 3591 Vehicles (Including 502 tourist buses & 3089 Goods Transport Vehicles) as of March31, 2013.
Last April, VRL Logistics raised R175 Cr from New Silk Route to expedite its growth plan, expand its businesses and balance to go towards the stake dilution of the existing shareholders of the company.