Kalpataru Power drops plan for new Mumbai office, cites ‘investor feedback’
Kalpataru Power Transmission (KPTL) said on Thursday it has dropped its plan to construct a new office in Santacruz, Mumbai, after analysts flagged concerns about related party transactions and capital misallocation.
KPTL said it has decided to keep the proposal of construction of a corporate office in abeyance. “Since the disclosure was made on December 08, 2020, the company has received certain observations and feedback from investors and on a reconsideration, the management has further reviewed the matter and decided to keep the proposal of construction of corporate office in abeyance,” the company said in a statement. In its December 8 disclosure, KPTL had said the plans for the new office involved purchasing land for Rs 207 crore.
