Gammon Infrastructure Projects has sold its 50% stake in the 12MW operational biomass power plant of Punjab Biomass Power at Ghanour to its joint venture partner for a cash consideration.

Further, the company has sold its 50% stake in seven other biomass power projects in Punjab to its joint venture partner and has in turn bought an additional 50% stake in six biomass power projects in Haryana and one in Punjab from the joint venture partner.

The company, as a result of the transaction, will have 100% stake in biomass projects to generate 66 MW power. The transaction, however, is subject to the approval of the concerned authorities and lenders.

(Sourced from IRIS.com)