GE T&D India Limited has agreed to sell its Global Engineering Operations Division (India for Global) to M/s 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.
The Global Engineering Operations Division (India for Global) had turnover of Rs. 859 million out of total turnover of Rs. 31,587 million of the Company during the financial year ended March 31, 2020 which is less than 3% of the total turnover. The Net Book value of Fixed Assets of Division was Rs. 130 million as at March 31, 2020 which is less than 2% of the Net worth of the Company. The Company has net worth of Rs. 10,515 million as on March 31, 2020.
The consideration to be received will be Rs. 873 million (Rupees Eight Hundred and Seventy Three million) on completion of sale of business.
GE India Industrial Private Limited is a company incorporated under the Companies Act, 1956 and the buyer is part of the General Electric group.
Shares of GE T&D India Ltd was last trading in BSE at Rs.125 as compared to the previous close of Rs. 127.4. The total number of shares traded during the day was 21027 in over 522 trades.
The stock hit an intraday high of Rs. 128.3 and intraday low of 124.1. The net turnover during the day was Rs. 2648849.