Calcutta, Sept. 4: Alstom Projects India Ltd (APIL) has decided to sell its industrial turbine business to the Siemens group for Rs 49.7 crore.
The decision, taken at a board meeting today, is in line with the parent Alstom group’s move to sell its global industrial turbine business to the Siemens group.
The disinvestment price is based on a valuation by A. F. Ferguson & Co.
A company spokesperson said the sale was subject to the shareholders’ approval.
The power generation company of the Siemens group — Siemens Power Generation Group — is acquiring the industrial turbine business of Alstom S. A. worldwide.
An industry analyst said with an installed fleet of 3,500 turbines worldwide, the newly acquired business would further expand Siemens’ services and enhance the industrial applications division in key markets.
Additionally, the acquisition will improve the company’s prospects in the oil and gas industry.
APIL’s presence is felt in the energy and transport sectors. With 12 manufacturing units, 300 business offices and an employee strength of 6,000, APIL mainly operates in the areas of power transmission and distribution and transportation.