GE to exit from GE Power India Ltd within 36 months

GE Power India Limited ('the Company') is in receipt of letter from GE Steam Power dated 08 February 2022 stating its intent to reduce its stake in the Company and de-promoterise within 36 months, which will be implemented in a staggered manner. This aligns with GE's previous announcement to pursue exit from new build coal power market dated 21 September 2020 intimated to Stock Exchanges (BSE & NSE) by the Company on 22 September 2020.

Through this transition, GE intends to strengthen the Company to operate independently from GE and achieve its long-term growth plans. GE intends to engage in discussions with the Company to enhance Company's operational performance and help Company to grow its order book and serve shareholder interests. These steps may inter-alia include IP transfer and support for expansion beyond India.

The Company is examining the implications of the aforesaid letter. The Company will continue to focus its efforts on maintaining its business aligned with market dynamics.

Shares of GE Power India Limited was last trading in BSE at Rs. 238.85 as compared to the previous close of Rs. 243.30. The total number of shares traded during the day was 30278 in over 2407 trades.

The stock hit an intraday high of Rs. 245.25 and intraday low of 237.10. The net turnover during the day was Rs. 7259626.00.

Source : Equity Bulls

Keywords

GEPowerIndia INE878A01011 GE Exit CoalPowerMarket