Board of NELCO approves sale of Unattended Ground Sensors (UGS) business

At meeting held on 28 January 2015

NELCO announced that the Board of Directors of the Company at its meeting held on 28 January 2015, inter alia, has approved sale of Unattended Ground Sensors (UGS) business in response to letter of offer for UGS received from The Tata Power Company (Parent Company) for its Strategic Engineering Division (SED) as a "going concern" on a "slump sale" basis at a consideration of Rs.8.31 crore with effect from 01 October 2014. This shall be subject to various approvals and consents including from the Members as required under applicable law.

The Company vide its letter dated 03 April 2014 had informed the Stock Exchange about the approval of the Board of Directors to restructure the operations of company's Integrated Security & Surveillance Solutions business ("ISSS business") which inter alia, includes the defense business consisting mainly of the UGS Business.

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