Earlier this month, GE Energy India’s board had accepted the acquisition of 50 per cent stake in NTPC GE Energy Companies Pvt Ltd (NGSL) for Rs 7.2 crore. NTPC and GE Power Systems GmbH had 50 per cent stake every in NGSL.
GE Energy India accomplished acquisition of 50% of the issued and paid up share capital of NGSL on 19 April 2021,” a BSE submitting stated on Tuesday.
The acquisition of shares of NGSL from GE Energy Methods GmbH is a associated celebration transaction as the corporate and GE Energy Methods GmbH are GE Group Associates. The stated associated celebration transaction can be at arm’s size worth.
Upon completion of the acquisition of shares from GE Energy Methods GmbH, the corporate would enter into renovation and modernisation of thermal energy vegetation section and companion with
, which is a PSU and a pioneer in thermal energy vegetation, the corporate had stated earlier.
This funding and JV with NTPC Ltd is predicted to strengthen firm’s portfolio and open avenues for expanded scope of enterprise for future initiatives.
NGSL is engaged within the renovation and modernisation of current energy vegetation with major concentrate on thermal energy vegetation, and has additionally inter-alia ventured into provide, set up and subsequent operation and upkeep of thermal energy vegetation.
The authorised share capital of NGSL is Rs 50 crore divided into 5 crore fairness shares of face worth of Rs 10 every and the entire issued, subscribed and paid-up share capital of NGSL is Rs 60,00,000, as on the date of acquisition.