NCLT okays Sangamam Power’s resolution plan for Karvy Data Management Services

The National Company Law Tribunal (NCLT) has approved the resolution plan of Sangamam Power Projects for the acquisition of Karvy Data Management Services (KDMSL) and its subsidiaries. The ruling, delivered by an NCLT bench headed by Justices Dr. Venkata Ramakrishna Badarinath Nandul and Shri Charan Singh, paves the way for the Corporate Insolvency Resolution Process (CIRP) of KDMSL.

The decision was welcomed by the Chamber of Commerce of Gwalior. “This decision would open doors to new possibilities in the data industry," said Dr. Praveen Aggarwal, President of the Chamber of Commerce. He also emphasized the positive effects on Gwalior’s IT park and the local economy, adding that it would create employment opportunities and promote technological development in both Gwalior and India.

Sangamam Power Projects, led by Katta Sitaram Reddy and Anshuman Modugu Reddy, specialises in solar, hydro, and wind energy. The company stated that KDMSL's resolution plan aims to leverage the synergies of its established businesses, ensuring revitalization and long-term success.


Founded in 2008, KDMSL has subsidiaries including Karvy Innotech (KITL) and Karvy Renewable Energy Projects Limited (KREPL), which focus on IT infrastructure management and renewable energy projects, such as rooftop solar initiatives.