The agreement for sale of hydro business is expected to be entered into between the company and GE Power Electronics (India) Private around 15 July 2024.
As an integral part of the proposed slump sale of hydro business, GE Power Electronics (India) Private is taking over net liabilities of hydro business currently amounting to Rs 214.09 crore driven by negative net working capital and a net debt position of Rs 114.35 crore, resulting in the purchase consideration being at a premium of Rs 100.19 crore.
The slump sale of hydro business is estimated to be completed in the last quarter of FY 2024-25.
Gas power business undertaking of the company comprising all activities in relation to gas power plants, provides project management, application and detailed engineering services for regional and global projects also provides maintenance services to the existing fleet of gas power plants. The said business contributed to approximately 5.1% of the total income of the company during FY 2023-24.
The agreement for sale of Gas Power Business is expected to be entered into between the company and GE Renewable Energy Technologies Private around 15 July 2024.
The gas power business has a net liability of Rs 38 crore as on March 31, 2024. Hence the board has decided to sell the Gas Power Business to GE Renewable Energy Technologies Private at Rs 43.86 crore.
The slump sale of gas power business is estimated to be completed by September 2024.
The company said that divesting and exiting the said business will allow to focus on the four strategic growth areas, services growth strategy which has been consistently yielding double digit core business growth, retain share in the service upgrades, participate in margin and cash accretive FGD, increase the Durgapur load by supply of Boiler OEM parts outside India, in selected territories, and fabrication of industrial equipment, leveraging factory?s core competencies.
GE Power India's expertise covers engineering, manufacturing, project management, and supplying products and equipment for power plants. They operate across the entire power plant lifecycle, from design and procurement to construction and servicing.
The company reported a consolidated net profit of Rs 25.94 crore in Q4 FY24 as against a net loss of Rs 129.7 crore in Q4 FY23. Revenue from operations rose by 13.43% year on year (YoY) to Rs 390.76 crore in the fourth quarter of FY24.
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