GE Power India to acquire 50% stake in NTPC GE Power Services

The Board of GE Power India at its meeting held on 14 April 2021 has approved the acquisition of 50% of the issued and paid up share capital of NTPC GE Power Services (NGSL).

NGSL was incorporated on 27 September 1999 under Companies Act, 1956 and is a 50:50 Joint Venture between NTPC and GE Power Systems GmbH. NGSL is engaged in the renovation and modernization of existing power plants with primary focus on thermal power plants, and has also inter-alia ventured into supply, installation and subsequent operation & maintenance of thermal power plants.

Upon completion of the acquisition of shares from GE Power Systems GmbH, the Company would enter into renovation and modernization of thermal power plants segment and partner with NTPC which is a PSU and a pioneer in thermal power plants. This investment and JV with NTPC is expected to strengthen Company's portfolio and open avenues for expanded scope of business for future projects.

The transaction is expected to be completed by 30 April 2021.

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