Pursuant to Regulation 30 of the Listing Regulations, this is to inform that GE Power India Limited ('the Company') is in receipt of letter from GE Steam Power dated 08 February 2022 inter-alia 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.
that 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.
This is for your information and records.
Thanking you,
Yours truly,
For GE Power India Limited
KAMNA TIWARI
Digitally signed by KAMNA TIWARI
DN: cn=KAMNA TIWARI c=IN o=Personal Reason:
Location:
Date: 2022-02-09 08:21+05:30
Kamna Tiwari
Company Secretary & Compliance Officer
Registered Office: Regus Magnum Business Centers, 9th floor, Platina, Block G, Plot C-59, BKC, Bandra (E), Mumbai, Maharashtra - 400051
T +91 22 67000500; F +91 22 67000600 website: www.ge.com/in/ge-power-india-limited
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GE Power India Limited published this content on 09 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2022 03:37:07 UTC.
GE Power India Limited is an India-based company, which is engaged in offering a portfolio of power generation solutions with a focus on emissions control and services portfolio providing sustainable, affordable and reliable electricity. The Company is engaged in the engineering, procurement, manufacturing, construction and servicing of power plants and power equipment. It is also engaged in manufacturing steam generators. Its business divisions include boilers, mills, air quality control systems, services and automation and control. The Companyâs business also includes steam power, including hydro and gas power. It has manufacturing facility at Durgapur, West Bengal and Noida, and several sales offices and workshops present countywide. It also supports gas projects globally for engineering, procurement and construction services, including resource deployment to global project sites. It serves the power generation equipment market.