GE Power India acquires 50% stake in NTPC-GE joint venture
POWER & RENEWABLE ENERGY

GE Power India acquires 50% stake in NTPC-GE joint venture

GE Power India has entered a share purchase agreement with GE Power Systems GmbH to acquire legal and beneficial ownership of 50% of the issued and paid-up share capital of NTPC GE Power Services Ltd (NGSL).

GE Power India acquired 30 lakh equity shares of NGSL from GE Power Systems, constituting 50% of its issued and paid-up share capital for Rs 7.20 crore. The acquisition is a related party transaction as the company, and GE Power Systems GmbH are GE Group affiliates. The acquisition is likely to complete by 30 April 2021.

Upon completing the acquisition of shares from GE Power Systems GmbH, the company would enter into renovation and modernisation of the thermal power plants segment and partner with NTPC. This investment and JV with NTPC is expected to consolidate the company's portfolio and open avenues for expanded scope of business for future projects.

GE Power India's consolidated net profit tanked 65.2% to Rs 35.09 crore on a 42.8% surge in net sales to Rs 1,093 crore in Q3 FY21 over Q3 FY20. GE Power India is engaged in engineering, procurement, manufacturing, construction and servicing of power plants and power equipment.

NGSL was incorporated in September 1999 under the Companies Act, 1956 and is a 50-50 joint venture between NTPC and GE Power Systems GmbH. The company is engaged in the renovation and modernisation of existing power plants with a primary focus on thermal power plants and has also ventured into supply, installation and subsequent operation and maintenance of thermal power plants.

Image Source


Also read: Rise in renewable energy M&A deals in India

GE Power India has entered a share purchase agreement with GE Power Systems GmbH to acquire legal and beneficial ownership of 50% of the issued and paid-up share capital of NTPC GE Power Services Ltd (NGSL). GE Power India acquired 30 lakh equity shares of NGSL from GE Power Systems, constituting 50% of its issued and paid-up share capital for Rs 7.20 crore. The acquisition is a related party transaction as the company, and GE Power Systems GmbH are GE Group affiliates. The acquisition is likely to complete by 30 April 2021. Upon completing the acquisition of shares from GE Power Systems GmbH, the company would enter into renovation and modernisation of the thermal power plants segment and partner with NTPC. This investment and JV with NTPC is expected to consolidate the company's portfolio and open avenues for expanded scope of business for future projects. GE Power India's consolidated net profit tanked 65.2% to Rs 35.09 crore on a 42.8% surge in net sales to Rs 1,093 crore in Q3 FY21 over Q3 FY20. GE Power India is engaged in engineering, procurement, manufacturing, construction and servicing of power plants and power equipment. NGSL was incorporated in September 1999 under the Companies Act, 1956 and is a 50-50 joint venture between NTPC and GE Power Systems GmbH. The company is engaged in the renovation and modernisation of existing power plants with a primary focus on thermal power plants and has also ventured into supply, installation and subsequent operation and maintenance of thermal power plants. Image Source Also read: Rise in renewable energy M&A deals in India

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?