GE T&D India has received approval from its board to sell its Global Engineering Operations Division (India for Global) (GEOD Business) to GE India Industrial (GEIIPL) (a related party) together with the assets and manpower comprised therein along with its corresponding liabilities via slump sale for a cash consideration of Rs 140.60 crore.
The Business Transfer Agreement is expected to be executed by January 31, 2022. The expected date of completion of sale is March 31, 2022, subject to satisfaction of identified conditions precedents and approval of shareholders of the company for the related party transaction with GEIIPL.
The GEOD Business provides engineering services (including engineering support for tendering, project support and product design) to the global affiliates of GE Grid Solutions. The said business contributes to less than 2.2% of the total revenue of company and is non-core to the company's business.
GE T&D India is engaged in power transmission and distribution. Its products and systems serve to transmit and distribute electricity, ensure the reliability, quality and safety of energy flows, as well as operate efficient networks through information management.
