Alstom India has rejected the binding offer of Areva, a leading French energy company, for acquiring its T&D operations for a consideration of 14.30 million euro."The board has decided not to accept Areva's offer after an independent valuer's report, which pegged the value of the T&D operations at Rs 153 crore," Alstom India chairman S K Poddar said today.He added that the decision was taken by the board at its last meeting on January 31, 2005.Poddar said that an independent valuer was appointed following the receipt of the binding offer, and the report was submitted about two weeks back."Based on the report, the board decided to reject the offer until it was increased to Rs 153 crore," Poddar said.Incidentally, Areva had acquired the T&D business of France-based Alstom worldwide except for a few countries including India.
