GE Power India has been approved to acquire a 50 percent stake in Indian electric utility company NTPC GE Power Services, for a cash consideration of Rs 7.2 crore ($949,680).
NTPC is a 50:50 joint venture company formed by NTPC Ltd. India and GE Power Systems, Germany.
Upon completion of the acquisition of shares from GE Power Systems, GE Power India will enter into the renovation and modernization of thermal power plants and partner with NTPC, according to Economic Times India. The investment is expected to strengthen the company's portfolio and open avenues for expanded scope of business for future projects.
The acquisition is expected to reach completion by April 30.
