GE Power India approves acquisition of 50% stake in NGSL
GE Power India’s board has approved the acquisition of a 50 percent stake in NTPC GE Power Services for a cash consideration of INR 7.2 crore…
In a BSE filing, GE Power India has said that the board of directors in a recent meeting has approved the acquisition of a 50 percent stake in NTPC GE Power Services for a cash consideration of INR 7.2 crore. The meeting of the board was held on 14th April 2021.
The acquisition of shares and joint venture with NTPC Limited will help GE Power strengthen its company portfolio as well as expand the scope for future business opportunities in India. Post-acquisition of shares, the company is looking forward to entering into renovation and modernization of the thermal power plants segment. The acquisition is expected to complete by 30 April 2021.
NGSL is a 50:50 Joint Venture between NTPC Limited and GE Power Systems GmbH. The company specializes in the reconstruction and modernization of existing power plants, with a particular emphasis on thermal power plants, as well as the supply, construction, and subsequent operation and maintenance of thermal power plants.
As of the date of acquisition, NGSL’s authorized share capital is INR 50 crore, divided into five crore equity shares with a face value of INR 10 each, and the total released, subscribed, and paid-up share capital is INR 6,000,000.
