1. CESC splits its business into four companies

CESC splits its business into four companies

RP Sanjeev Goenka Group’s flagship company CESC was on Thursday restructured into four separate companies, with Rs 66 crore worth of fresh share capital being issued to existing share holders. The CESC board on Thursday cleared a long-standing proposal following which group chairman Sanjeev Goenka announced that CESC Ltd has been split to CESC Generation, […]

By: | Kolkata | Published: May 19, 2017 3:09 AM
All the four entities will be listed and the effective date will be October 1.

RP Sanjeev Goenka Group’s flagship company CESC was on Thursday restructured into four separate companies, with Rs 66 crore worth of fresh share capital being issued to existing share holders. The CESC board on Thursday cleared a long-standing proposal following which group chairman Sanjeev Goenka announced that CESC Ltd has been split to CESC Generation, CESC Distribution, Spencer’s Retail and CESC Ventures.

All the four entities will be listed and the effective date will be October 1. CESC has already given intimation to the National Company Law Tribunal to facilitate the listing of the four separate entities. The company’s entire 2500 MW generation will come under CESC Generation.

Its entire power distribution business in Kolkata, Noida, Bikaner and Bharatpur will come under the distribution company, which will retain its name as CESC Ltd. Spencer’s Retail, from a CESC subsidiary, will be transformed into an independent company. All the other businesses including the recently-launched FMCG, sports, BPO and others will come under CESC Ventures.

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