Areva to hive off T&D business, to sell Indian arm

Areva to hive off T&D business, to sell Indian arm
PTI
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First Published: Thu, Jul 02 2009. 02 13 PM IST
Updated: Thu, Jul 02 2009. 02 13 PM IST
New Delhi: French power equipment maker Areva is set to dispose of its transmission and distribution business, including its Indian arm Areva T&D.
The company’s supervisory board, which met early this week, has asked its executive board to put the group’s transmission and distribution (T&D) division up for sale to part finance the group’s long-term development plan, a statement on the French company’s website said.
The local arm of Areva, Areva T&D India, is engaged in manufacturing equipment for the power T&D companies. Its contribution to the global turnover of the T&D business was €471 million (approximately 8%) in 2008. Areva T&D global’s turnover was €5,065 million for the year 2008.
It recently bagged an order from aluminium major Hindalco for erecting 440 kilo volt (kv) substations at the company’s plants in Singrauli (Madhya Pradesh) and Sambalpur (Orissa).
An open call for bids will be launched and the group will pay special attention to the price offered and also the industrial and labour projects. Depending on the interest generated, the decision to dispose of T&D or not and the choice of a potential buyer will be taken before the end of the year, it said.
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First Published: Thu, Jul 02 2009. 02 13 PM IST
More Topics: Areva | Power | Equipment | T&D | Corporate News |