For consideration of Rs 87.3 crore GE T&D India has 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 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 will continue to have an internal team to support such activities of its business.
The business transfer agreement is expected to be executed by 29 January 2021 and the sale is expected to be completed by 31 March 2021. The company will receive consideration of Rs 87.3 crore on completion of the sale.
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GE T&D to sell global engineering operation division to GE India Industrial for Rs 87 crore
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GE T&D to sell global engineering operation division to GE India Industrial for Rs 87 crorePTI
Last Updated: Jan 16, 2021, 08:48 PM IST
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Synopsis
The expected date of completion of sale is at the end of day on March 31, 2021 subject to satisfaction of identified conditions precedents and approval of shareholders for related party transaction.
GE T&D India will continue to have an internal team to support such activities of its business.
New Delhi: GE T&D India on Saturday said it has agreed to sell its