Board of directors of GE Power India Ltd in its meeting held has approved acquisition of 50 per cent of the issued and paid-up share capital of NTPC GE Power Services Pvt Ltd (NGSL). The acquisition of shares of NGSL from GE Power Systems GmbH is a related party transaction as the Company and GE Power Systems GmbH are GE Group Affiliates. Upon completion of the acquisition of shares from GE Power Systems GmbH, the company would enter into renovation and modernisation of thermal power plants segment and partner with NTPC Ltd, which is a PSU and a pioneer in thermal power plants.
This investment and JV with NTPC Ltd is expected to strengthen company’s portfolio and open avenues for expanded scope of business for future projects, added reports. The indicative time period for completion of the acquisition is tentatively by 30 April 2021.