GE Power to acquire 50% equity stake in NTPC GE Power Services

GE Power India on Tuesday said that it has acquired 50 per cent stake in NTPC GE Power Services Pvt Ltd. Earlier this month, GE Power India’s board had approved the acquisition of 50 per cent stake in NTPC GE Power Services Pvt Ltd (NGSL) for Rs 7.2 crore. NTPC and GE Power Systems GmbH had 50 per cent stake each in NGSL.

GE Power India completed acquisition of 50 per cent of the issued and paid up share capital of NGSL on 19 April 2021,” a BSE filing said on Tuesday.

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. The said related party transaction will be at arm’s length price.

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 Limited, which is a PSU and a pioneer in thermal power plants, the company had said earlier.

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.