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New Delhi: French power equipment maker Areva is all set to dispose of its transmission & distribution (T&D) business, including its Indian arm Areva T&D. The company’s supervisory board has asked its executive board to put the group’s T&D division up for sale to part finance the group’s long-term development plan, a statement on the French company’s website said.
Areva T&D India is engaged in manufacturing equipment for the power T&D companies. Its contribution to the global turnover of the T&D business was 471 million euros (approximately 8% ) in 2008. Areva T&D global’s turnover was 5,065 million euros for the year 2008. It recently bagged an order from aluminium major Hindalco for erecting 440 kilo volt (Kv) substations at the company’s plants in Singrauli (Madhya Pradesh) and Sambalpur (Orissa). An open call for bids will be launched and the group will pay special attention to the price offered and also the industrial and labour projects. Depending on the interest generated, the decision to dispose of T&D or not and the choice of a potential buyer will be taken, it said.
In order to reinforce its position as a leader on the nuclear market and to make further inroads into the renewable energies market, it needs to invest and recruit, while maintaining a healthy balance sheet, the statement said. It has further decided to open up its capital to strategic and industrial partners, to the value of 15% mainly by increasing its capital. Areva is also considering disposing stakes in metal mining group Eramet, computer chip maker STMicroelectronics. It is also set to continue its cost reduction programme and to improve operational performance.
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