PNN
Hyderabad (Telangana) [India], December 27: In a significant development, the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Sangamam Power Projects, a leader in sustainable energy solutions, to acquire Karvy Data Management Services Limited (KDMSL) and its subsidiaries. Karvy Innotech Limited (KITL) and Karvy Renewable Energy Projects Limited (KREPL). The order, delivered by a bench comprising Justice Dr Venkata Ramakrishna Badarinath Nandul and Shri Charan Singh, marks the conclusion of KDMSL's Corporate Insolvency Resolution Process, which began in September 2023.
The acquisition of KDMSL by Sangamam Power Projects is expected to unlock significant synergies, create new opportunities and drive long-term growth for both entities. The resolution plan aims to revive KDMSL's legacy businesses while leveraging the company's and its subsidiaries' pan-India presence and industry expertise. Notably, the resolution plan also prioritises retaining KDMSL's 1,200 employees. This decision demonstrates Sangamam Power Projects' dedication to safeguarding jobs and ensuring stability for the workforce. Retaining a significant number of employees indicates the company's focus on nurturing talent and leveraging existing expertise to fuel future growth.
Founded on the principles of sustainability, integrity, and excellence, Sangamam Power Projects has been a leader in renewable energy since 2008, specialising in solar, hydro, and wind power. Led by promoters Katta Sitaram Reddy and Anshuman Modugu Reddy, it is committed to innovation and research & development, with a vision of becoming a global leader in green power infrastructure systems and solutions. The acquisition represents a strategic milestone, enabling Sangamam Power Projects to expand into data management and technology services using KDMSL's infrastructure and expertise. The move is also expected to bolster its renewable energy portfolio while creating new growth avenues.
The Chamber of Commerce of Gwalior Welcomes the Decision
Following this landmark decision, the Chamber of Commerce of Gwalior convened a meeting to celebrate the move and discuss its broader implications. Chamber of Commerce President Dr Praveen Aggarwal expressed great optimism, stating that this decision would open new possibilities in the data industry. He also described the approval as highly beneficial for Gwalior's IT park and the local economy. Dr Aggarwal expressed hope that this decision would not only create employment opportunities but also promote technological development, benefiting both Gwalior and the country as a whole.
Since 2008, KDMSL has led e-governance, offering TIN Facilitation Centres for PAN services, Aadhaar enrolment, system integration, customised software development, surveys, BFSI back-office, and IT-enabled services. Its interests include IoT-enabled smart device manufacturing, e-commerce support, staffing solutions, and contact centre operations. Its subsidiary, KITL, specialises in 360-degree IT infrastructure management, while KREPL focuses on renewable energy projects.
Sangamam Power Projects' acquisition of KDMSL underscores its vision to build a sustainable future and expand into new growth areas.
For more information, visit: sangamampower.com
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