GE T&D to sell its Global Engineering operations biz to GE India Industrial for Rs87.3cr; stock gains 2%

The Business Transfer Agreement is expected to be executed by January 29, 2021.

Jan 18, 2021 01:01 IST India Infoline News Service

GE T&D India has agreed to sell its Global Engineering Operations Division (India for Global) to GE India Industrial Private Limited together with the assets and manpower comprised therein along with its corresponding liabilities on slump sale basis on an “as is where is” basis.

The activities of the said business 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 Limited will continue to have an internal team to support such activities of its business.

Business Transfer Agreement is expected to be executed by January 29, 2021 and expected date of completion of sale is at end of day on March 31, 2021.  Consideration to be received from such sale is Rs873 million on completion of sale of business

“Global Engineering Operations Division was noncore business activity for the Company and the sale would help management to focus on its core business activities besides realizing cash from sale,” company said in a regulatory filing on Saturday.

The company stock was bullish on Monday and at around 2.00 pm, each stock was trading at Rs127.25 up Rs2.40 or 1.92% on the BSE.

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