GE T&D to sell Global Engineering Operation Division to GE India Industrial for Rs 873 million

GE T&D India has agreed to sell its global engineering operations division (India for Global) to GE India Industrial Private Limited for a consideration of Rs 873 million.

The expected date of completion of sale is 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. The global engineering operations division (India for Global) had a turnover of Rs 859 million out of total turnover of Rs 31.58 billion during 2019-20 which is less than 3 per cent of the total turnover.

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