Pune, March 24 (IANS) Indian multinational Bharat Forge on Friday announced divesting 23 per cent of its equity stake in the power equipment joint venture (JV) with French multinational Alstom.
“The company has divested 23 per cent of its shareholding in power equipment JV with GE (erstwhile Alstom)-Alstom Bharat Forge Power Ltd (ABFPL),” said the city-based manufacturing behemoth in a regulatory filing to the BSE.
The divestment was made as per the approval of the company’s board on November 8, 2016 to divest 49 per cent of its stake in the JV.
“The transaction for the balance 26 per cent equity will be consummated upon receipt of customer approvals for certain projects,” said the filing.
Pending divestment of 26 per cent equity, the company received the entire amount of $35 million (Rs 230 crore) on agreed terms of sale.