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Bharat Forge divests 23% stake in Alstom

Bharat Forge divests 23% stake in Alstom
Pune, March 24 (IANS) 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 Social News XYZ staff and is auto-generated from a syndicated feed.)

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Bharat Forge divests 23% stake in Alstom

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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.