Mumbai: French nuclear group Areva SA’s plans to raise funds by selling its electricity distribution business will involve the sale of its Indian arm as well.
Areva T&D India Ltd, in which the French parent has a 72% stake, will be part of the overall sale, an Areva spokesperson said. In 2004, when Areva acquired the distribution business globally from Alstom SA, it made a 20% open offer in India for the local subsidiary.
Hopes have surfaced of an open offer for the Indian operations by the global buyer of Areva’s distribution business. Areva T&D India’s shares rose 7.7% on Wednesday to Rs363.30 on the Bombay Stock Exchange.