Triveni To Pull Out Of Venture With Gec Alsthom

The Dhruv Sawhney-controlled Triveni group has decided to pull out from its joint venture company GEC Alsthom Triveni Ltd.

Sawhney group flagship Triveni Engineering & Industries Ltd will sell off its entire 49 per cent stake in the steam turbine manufacturing company to its French joint venture partner, GEC Alsthom NV, at an undisclosed price. GEC Alsthom's current stake in the joint venture is 51 per cent.

The deal was cleared by the Foreign Investment Promotion Board a few weeks ago. Under the terms of the cleared proposal, the French giant will pick up the 49 per cent Sawhney stake through two subsidiary companies