The company has signed MoU with Ratna Cements for transfer of the Wind Power (Sale of Power) undertaking along with all underlying assets and liabilities as a going concern on a slump sale basis aggregating for Rs 48 crore.

The cash consideration for the said slump sale is Rs 48 crore. The Buyer has placed a token advance of Rs 2 crore prior to signing of this MoU and has been provided a time of upto 31 July 2022 to achieve the completion of transaction with all required approvals along with the remittance of balance sales consideration, company stated.

The Wind Power undertaking of the company initially comprised of 34 wind turbine generators with capacity of 42.5 MW. As of date, the said project comprises of 32 wind turbine generators with a capacity of 40 MW. These wind turbine generators are installed at Kappatgudda, District Gada & Karnataka State.

Further the company added that, the management of the company is looking to dispose off this undertaking considering the limited balance life of the said machines as also to focus on its goods transport business which is the major business segment of the company

Windmill division recorded revenue of Rs 17.57 crore with an EBIT of Rs 80.83 lakh as of 31 March 2021. The net worth of the sale of power segment as of 31 March 2021was Rs 41.95 crore.

Ratna Cements (Yadawad), is a pubilc company engaged in manufacturing of clinker cement.

VRL Logistics is largest and leading transportation and logistics company in India. The company's net profit rose 52.2 % to Rs 60.49 crore on 20.4 % increase in net sales to Rs 678.39 crore in Q3 FY22 over Q3 FY21.