BCCL to buy 5.39% in Birla Power

MUMBAI: Bennett, Coleman & Co (BCCL) will acquire 5.39% equity stake in Birla Power Solutions (BPS) in a Rs 5.5-crore cash deal. BCCL has proposed to buy 12,80,000 preferential shares at Rs 43 a share.

BPS (formerly known as Birla Yamaha), a company belonging to the Rs 2,500-crore Yash Birla Group, is planning to expand its manufacturing facilities of gensets and multi-purpose engines, and diversify into higher capacity gensets and other areas of power solutions.

The investment by BCCL is subject to regulatory and shareholders approval. BPS has informed the Bombay Stock Exchange and has called for an EGM on August 26 to consider the proposal.

The Yash Birla Group plans to invest over Rs 500 crore in segments like textiles, auto sector, lifestyle and infrastructure. Apart from this, it is building a hospital and research centre at Thane and an international school at Napean Sea Road, Mumbai.

The Group has a presence in power and power solutions, textiles, chemicals, engineering and auto ancillaries, lifestyle, knowledge and edutainment, realty, infrastructure and travel. The group has technical collaborations with global giants.