GE T&D India on Saturday said it has agreed to sell its Global Engineering Operations Division (India for Global) to GE India Industrial Private Ltd for a consideration of Rs 87.3 crore.
“Subject to approval of shareholders, the company has agreed to sell its Global Engineering Operations Division (India for Global) to GE India Industrial Private Ltd together with the assets and manpower comprised therein along with its corresponding liabilities on slump sale basis on an ‘as is where is’ basis,” a BSE filing said,
The activities of the said business were to provide engineering and product and project design services to global affiliates of GE Grid Solutions and hence non-core to the Company’s business, it added.
The GE T&D India Ltd will continue to have an internal team to support such activities of its business. The company also informed that it would get Rs 87.3 crore on completion of sale of the business.
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.
The business transfer agreement is expected to be executed by January 29, 2021.