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Areva to sell Indian unit too

Areva to sell Indian unit too
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First Published: Wed, Jul 01 2009. 09 54 PM IST
Updated: Wed, Jul 01 2009. 09 54 PM IST
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.
cnbctv18@livemint.com
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First Published: Wed, Jul 01 2009. 09 54 PM IST