Energy Development sets up UK subsidiary

Energy Development sets up UK subsidiary

New Delhi: Energy Development Company on Thursday said it has set up a subsidiary in the United Kingdom for trading and consultancy business.

The company is into power generation and various infrastructure development businesses.

In a regulatory filing, the company said it has formed a whollyowned subsidiary by the name ‘EDCL (Europe) Ltd´ in the UK.

The firm in a separate filing said it is in the process of acquiring five hydro electric projects having a total capacity of 56 MW.

Two projects -- having a capacity of 39 MW -- is in Arunachal Pradesh, while three are in Uttarakhand.

These would be acquired “by way of taking over 100 percent share holding of the SPV companies formed for the said projects," it said.

Shares of the company were down over 3% from its previous close at Rs35.40 in the late afternoon trade on the Bombay Stock Exchange.