Profit

Bharat Forge Divests 23% Stake In Alstom

 Share
EMAIL
PRINT
COMMENTS
Bharat Forge Divests 23% Stake In Alstom

The divestment was made as per the approval of the company's board.


Pune: Indian multinational Bharat Forge on Friday announced divesting 23 per cent of its equity stake in the power equipment joint venture (JV) with French multinational Alstom.

"The company has divested 23 per cent of its shareholding in power equipment JV with GE (erstwhile Alstom)-Alstom Bharat Forge Power Ltd (ABFPL)," said the city-based manufacturing behemoth in a regulatory filing to the BSE.

The divestment was made as per the approval of the company's board on November 8, 2016 to divest 49 per cent of its stake in the JV.

"The transaction for the balance 26 per cent equity will be consummated upon receipt of customer approvals for certain projects," said the filing.

Pending divestment of 26 per cent equity, the company received the entire amount of $35 million (Rs 230 crore) on agreed terms of sale.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top