GE Power India Ltd announced the sale of its hydro and gas power businesses on Wednesday, July 10. The board of directors approved this decision, based on recommendations from the Audit Committee. The hydro power business will be sold to GE Power Electronics (India) Private Ltd, and the gas power business will go to GE Renewable Energy Technologies Private Ltd. Both companies are related to GE Vernova Inc., the ultimate parent company.
The hydro power business includes developing, designing, engineering, and servicing hydro turbines and generators. The gas power business involves project management, engineering, and maintenance services for gas power plants.
The agreement for the hydro business sale is expected to be signed by July 15, 2024, and completed by the last quarter of FY 2024-25, pending member and regulatory approvals. These sales are related party transactions but will be done at arm’s length. GE Power India Ltd’s shareholding pattern will not change due to these transactions.
GE Power India Ltd is a prominent player in the Indian power sector, specializing in the production and servicing of power generation equipment. The company offers a range of solutions for thermal, hydro, and renewable energy.
Known for its advanced technology and engineering expertise, GE Power India is committed to supporting the country’s energy infrastructure and sustainability goals. With a focus on innovation, the company has been instrumental in developing efficient power plants and enhancing the performance of existing ones, contributing significantly to India’s energy landscape.
