Power company Alstom Projects India Ltd on Tuesday said it has received a binding offer from Areva for the purchase of its transmission & distribution (T&D) operations in India for a total consideration of 22.31 million euros.
With regard to Alstom's public listed companies in India, the offer encompasses T&D operations contained within Alstom Ltd and the T&D operations contained within the company for the considerations of 14.3 million euros and 8.01 million euros respectively, Alstom Projects India informed the Bombay Stock Exchange.
The offer is subject to condition that Alstom bears all the costs of transfer of these operations to Areva and that the transfers are completed by December 31, 2004.
The offer follows the anti trust clearance received from the European Commission and from the American Antitrust agencies on the acquisition by Areva of Global T&D operations of the Alstom Group, it said.
While this transaction is close to completion on a worldwide basis, this did not include the T&D operations in India.
However together with the divestment agreement and subject to its becoming effective in other countries, Alstom has received a binding offer from Areva for the purchase of its T&D operations in India, it said.
These offers for the T&D operations in India will only become valid when the sale of Alstom's T&D operations in other countries is completed, it added.
