GE Steam Power intends to reduce stake in GE Power India; part ways as promoter within 3 yrs

GE Power India on Wednesday said that GE Steam Power plans to reduce stake and part ways with the company as its promoter within the next three years. GE Power India has received a letter from GE Steam Power on February 8, 2022, wherein the latter has stated its intent to reduce its stake in the company and de-promoterise within 36 months, which will be implemented in a staggered manner, according to a regulatory filing.

GE Steam Power has stated in the letter that this aligns with GE’s previous announcement in September, 2020, to pursue exit from the new-build coal power market.