Alstom Projects India has decided to sell its industrial turbine business to the Siemens group as a fallout of its decision to globally sell the business to Siemens.
The Alstom Projects India board took this decision today and the deal will go through, subject to shareholders approval. The company also declared a 30 per cent dividend.
Audit and consulting major A F Fegruson & Co has valued the Indian business at Rs 49.7 crore, an Alstom media release says.
The industrial turbine business comprises of a manufacturing unit at Maneja near Barod and employs around 80 people. Alstom has decided that globally it will focus on two businesses