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GE T&D India update on its global engineering operations division

Capital Market 

GE T&D India announced that from time to time the Company enters into short term, non-exclusive contracts/purchase orders for global engineering services with other companies in the GE Grid Solutions division outside India.

The Company has been formally notified that with effect from 30 June 2021 no new contracts/purchase orders will be issued to it in relation to those services and existing contracts/purchase orders will lapse at their expiry date or be terminated by notice.

The principal impact of the reduction in engineering services orders will be excess capacity in its Global Engineering Operations Division. In order to mitigate the costs, the Company is exploring the possibility of redeployment of the affected employees.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, April 30 2021. 19:20 IST