GE Power India in $77 Million Shakeup: Selling Businesses, Winning Big!

GE Power India shakes things up! Selling hydro & gas businesses to focus core, lands new orders & divests units in a ₹77 crore restructuring.

GE Power India in $77 Million Shakeup

GE Power India’s stock price fell more than 2% in early trading on July 11th after the company announced the sale of its hydro and gas power businesses.

At its meeting on July 10, 2024, the board of directors of GE Power India approved the sale and transfer of the company’s hydro business undertaking. This includes the development, design, engineering, marketing, manufacturing, sale, supply, transport, assembly, installation, and servicing of hydro turbines, generators, and associated systems for hydroelectric power stations, including pumped storage plants, to GE Power Electronics (India).

The slump sale of the hydro business is expected to be completed in the last quarter of FY 2024-25. The board also approved the sale of the gas power business undertaking, which involves providing project management, application, and detailed engineering services for regional and global projects, as well as maintenance services for the existing fleet of gas power plants, to GE Renewable Energy Technologies.

Additionally, the company received a purchase order worth Rs 7.67 crore from Mangalore Refinery and Petrochemicals for the supply of main turbine spares, with the project slated for completion in 18 months. On July 8, the company secured an order worth Rs 1.87 crore from NTPC for the supply of main turbine spares at NTPC Talcher.