Tata Power to seek shareholders’ nod to not merge Tata Power Solar Systems

Tata Power will seek shareholders nod to amend a scheme of arrangement to keep Tata Power Solar Systems Ltd (TPSSL) as an independent entity, contrary to its earlier plan to merge it with itself through a postal ballot notice.

Tata Power had given a postal ballot notice to amend an amalgamation scheme to keep the TPSSL as a separate entity and let it continue as a wholly-owned subsidiary of the company, rather than merging it with the company as envisaged under the composite scheme, according to a BSE filing.

The company explained that in recent months, there have been numerous favourable policies of the government to promote and encourage entities engaged in solar manufacturing,