Infrastructure

GE T&D India gains on sale of Global Engineering Operations division

Read more at www.business-standard.com

GE T&D India rose 2.92% to Rs 128.50 after the company agreed to sell its Global Engineering Operations Division to GE India Industrial for a cash consideration of Rs 87.3 crore.

In a filing made on Saturday (16 January 2021), GE T&D India said that it had agreed to sell its Global Engineering Operations Division (India for Global) to GE India Industrial together with the assets and manpower comprised therein alongwith its corresponding liabilities on slump sale basis on an “as is where is” basis. The company will receive a cash consideration of Rs 87.3 crore on completion of sale of business.



GE T&D India said that the sale would help management to focus on its core business activities besides realizing cash from sale.

The activities of the Global Engineering Operations Division were to provide engineering and product & project design services to global affiliates of GE Grid Solutions and hence non-core to company’s business. GE T&D India will continue to have an internal team to support such activities of its business.

GE India Industrial is in the business related to aviation, renewable energy, gas power, digital energy, propellers, other electrical equipments, research & development activity in material science, process technology, engineering etc., software development, engineering design/consultancy services & providing necessary support/back end services to all businesses.

The engineering division had turnover of Rs 85.9 crore out of total turnover of Rs 3,158.7 crore of the company during the financial year ended 31 March 2020, which is less than 3% of the total turnover.

GE T&D India expects the business transfer agreement is expected to be executed by 29 January 2021. It further said that the expected date of completion of sale is at end of day on 31 March 2021.

GE T&D India is engaged in business of products, projects and systems for electricity transmission and related activities.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Read more at www.business-standard.com

Show More

Related Articles

Back to top button