Areva T&D okays sale of assets

Power transmission and distribution company Areva T&D India today said its shareholders have approved sale, lease or transfer of its undertakings.

The shareholders passed a resolution to this effect through postal ballot with requisite majority, Areva T&D India said in a filing with the Bombay Stock Exchange (BSE).

Announcing the result of the postal ballot, the company said the shareholders gave their nod for sale or transfer assets of the HVM Business at Perungudi, Lightning Arresters business at Pondicherry, Instrument Transformer business at Bengaluru, land and buildings at Noida and flat at Lucknow, it said.

The company’s products and systems serve to transmit and distribute electricity, as well as operate networks through information management.

It had manufacturing facilities in 43 countries till the last year. The company’s products include switchgear, transformers and reactors, and control panels.

Shares of the company closed at Rs 318.80, marginally up from the previous close on the BSE.