Alstom T&D India Ltd, an arm of French conglomerate Alstom, is selling its property in Bangalore to an unnamed large Indian business group for Rs 120 crore ($19.41 million), as per a stock market disclosure.
"The company, in respect of its land in Bengaluru, which was previously used for manufacturing instrument transformers and the sale of which has been duly authorised by the shareholders of the company, has entered into an ‘agreement for sale’, with a large Indian business group for a sale of around Rs 120 crore. The sale is subject to the mutual satisfaction of terms, conditions and obligations mentioned in the ‘agreement for sale’; and is likely to be concluded upon execution of a ‘sale deed’ in three months’ time or earlier," the company said in the filing.
Alstom T&D India is engaged in the business of transmission and distribution of energy. The firm's product portfolio ranges from medium voltage to extra high voltage for the utility, industry and infrastructure markets. It employs over 3,500 people and has eight manufacturing units.
Alstom T&D India scrip was quoting at Rs 184 per share, up 3.2 per cent in mid-day trades on the BSE in a strong Mumbai market on Tuesday.
Alstom is a global leader of power generation and transmission, and rail infrastructure. The firm builds fast trains and high capacity automated metro and provides power plant solutions for energy sources like hydro, nuclear, gas, coal and wind.
(Edited by Joby Puthuparampil Johnson)