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G E Power India executed a share purchase agreement with GE Power Systems GmbH for the acquisition of legal and beneficial ownership of 50% of the issued and paid up share capital of NTPC GE Power Services (NGSL).NGSL was incorporated on 27 September 1999 under Companies Act, 1956 and is a 50:50 joint venture between NTPC and GE Power Systems GmbH. NGSL is engaged in the renovation and modernization of existing power plants with primary focus on thermal power plants, and has also ventured into supply, installation and subsequent operation & maintenance of thermal power plants. GE Power India acquired 30 lakh equity shares of NGSL from GE Power Systems GmbH constituting 50% of its issued and paid up share capital for Rs 7.20 crore. The acquisition is a related party transaction as the company and GE Power Systems GmbH are GE Group affiliates. The acquisition is likely to complete by 30 April 2021.

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