Gita Renewable Energy Limited was incorporated in year 2010. Following the order from Honourable High Court of Judicature at Madras dated 04.01.2013, the Scheme of Arrangement between Kanishk Steel Industries Limited, the Company, Chennai Ferrous Industries Limited and their respective shareholders was sanctioned and the Power Division of Kanishk Steel Industries Limited was vested with the Company, as a going concern. The Scheme was made effective on February 28, 2013. In terms of the said Scheme of Arrangement for Demerger, 1 (one) equity share in the Company of face value of Rs.10/- each as fully paid up for 7 (Seven) equity shares of Rs.10/- each fully paid up held in Kanishk Steel Industries Limited was allotted. Accordingly, the Board of Directors of the Company allotted 4062296 numbers of Equity Shares of Rs.10/- each fully paid up on 19.04.2013 pursuant to scheme. The cost of acquisition of Equity Shares in Kanishk Steel Industries Limited and Chennai Ferrous Industries Limited and the Company were apportioned as follows: Kanishk Steel Industries Limited: 36.36%; Gita Renewable Energy Limited: 34.80% and Chennai Ferrous Industries Limited : 28.85%..
During year 2021-21, Company sold Properties, Plant, Machinery, equipment and liabilities relating to waste heat recovery plant and coal based thermal plant to the related party except other Assets and Liabilities by way of slum sale as going concern for a lump sum consideration. Remaining business of the Company was in the field of operation and maintenance of power generating units and others ancillary operations retained with the Company.
At present, Company is providing operations and maintenance (O&M) services for generating Renewable energy from non-conventional sources, including for projects constructed by third parties. The Company's operations are supported by a competent and engineering team which is responsible for designing solutions that is innovative and cost effective, to increase the performance ratio of various generation of renewable energy projects.