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CG Power Cancels Rs 411 Crore Royalty Agreement With Avantha Holdings

Crisis-ridden CG Power and Industrial Solutions have snapped its royalty agreement with Avantha Holdings Ltd (AHL)."The company has intimated AHL of rescinding the royalty agreement and consequently does not have any liability towards payment of brand royalty including the monetisation proposal," CG Power said in a statement. As per the royalty agreement, a 50 per cent brand loyalty was to be paid by CG Power to AHL in perpetuity aggregating to Rs 411.2 crore.This was for the partial settlement of outstanding loans due from Avantha group of companies and for reducing the regular royalty payments to 0.5 per cent of the company's annual consolidated net operating revenues, it added in the statement.In September, the Securities and Exchange Bo.....

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