At meeting held on 15 February 2021The Board of GE T&D India at its meeting held on 15 February 2021 has accepted the resignation of Vishal K Wanchoo and Nagesh Tilwani from the Board of the company. Further, the Board has appointed Mahesh Shrikrishna Palashikar as Director cum Chairman of the Board. The Board also appointed Emanuel Esteban Nicolas Bertolini as Additional Director on the Board. The changes in the directorate are effective 01 March 2021.
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Effective 01 March 2021GE T&D India announced the appointment of Mahesh Palashikar on the Board as Chairman. Mahesh assumes the role of Chairman effective 1 March 2021 and succeeds Vishal K Wanchoo who resigned
from Board upon assuming new responsibility with another company, post retirement from GE.
The company also co-opted Emanuel Bartolini, GE Grid Solutions global Chief Commercial Officer on the Board
of the Company as Director w.e.f. 1 March 2021 or the date of allotment of Director Identification Number
whichever is later. Nagesh Tilwani who is the Whole-time Director has resigned from the Board in view of
increased responsibilities within the GE group.
GE T&D India rose 2.92% to Rs 128.50 after the company agreed to sell its Global Engineering Operations Division to GE India Industrial for a cash consideration of Rs 87.3 crore.
In a filing made on Saturday (16 January 2021), GE T&D India said that it had agreed to sell its Global Engineering Operations Division (India for Global) to GE India Industrial together with the assets and manpower comprised therein alongwith its corresponding liabilities on slump sale basis on an as is where is basis. The company will receive a cash consideration of Rs 87.3 crore on completion of sale of business.
GE T&D India said that the sale would help management to focus on its core business activities besides realizing cash from sale.
For consideration of Rs 87.3 crore GE T&D India has agreed to sell its Global Engineering Operations Division (India for Global) to GE India Industrial together with the assets and manpower comprised therein alongwith its corresponding liabilities on slump sale basis on an as is where is basis.
The activities of the said business were to provide engineering and product & project design services to global affiliates of GE Grid Solutions and hence non-core to Company s business. GE T&D India will continue to have an internal team to support such activities of its business.
The business transfer agreement is expected to be executed by 29 January 2021 and the sale is expected to be completed by 31 March 2021. The company will receive consideration of Rs 87.3 crore on completion of the sale.