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Informist, Thursday, Oct. 1, 2026

 

--NCLT approves transfer of GE Power Durgapur boiler business to JSW Energy

 

By Surya Tripathi

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal Thursday approved the demerger of GE Power India Ltd.'s power boiler components business based in Durgapur, West Bengal, and its transfer to JSW Energy Ltd. The bench of judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar approved the scheme of arrangement between the two companies. 

 

According to the scheme, 10 fully paid-up equity shares of INR 10 each of JSW Energy shall be issued and allotted for every 139 fully paid-up equity shares of INR 10 each held in GE Power India. These shares shall be adjusted for any restructuring of share capital of both the companies by way of share split, consolidation, issue of bonus shares, buyback, capital reduction, preferential issue, except issuance of shares on account of employee stock options, it said.

 

The scheme said the demerger will allow GE Power to focus on the strategic growth areas and services growth strategy. It will enable GE Power to focus on and enhance its retained business by streamlining its operations and cutting costs, according to the scheme. It will facilitate smoother transfer of the power boiler components manufacturing and sales business in terms of obtaining local approvals, as per the scheme.

 

The transfer of this business will provide an opportunity for JSW Energy to enter into the boiler pressure part manufacturing business in alignment with the long-term vision of expanding into the energy portfolio and extending its footprint into a highly competitive and fast-growing business, as per the scheme of arrangement. It will create value for shareholders by acquiring ready-to-use assets which will create operational efficiencies. It will also result in vertical integration by securing a dedicated manufacturing facility for boiler pressure parts and reducing dependency on third-party suppliers, according to the scheme.

 

The Durgapur plant has a capacity to manufacture one-two boilers per year or 1,600 megawatts. But it is currently running at 15?pacity and only making spare parts for boilers for existing clients. According to Sharad Mahendra, joint managing director and chief executive officer of JSW Energy, employment at the plant would go up from 200 to 600. JSW Energy will invest in another megawatt supercritical power plant in Salboni in West Bengal, taking the total capacity to 3,200 megawatts, he said. The group's total power investment will go up to INR 400 billion, while incremental investment would be INR 240 billion, he added.

 

GE Power India, incorporated in 1992, is engaged in the business of designing, manufacturing, project management, supply, and upgrades of boilers, coal mills, pressure vessels, and critical piping for steam turbine applications. It also deals with steam turbine and generator spares and components, air quality control systems, automation systems, and power electronics for thermal power plants and industrial applications. 

 

JSW Energy, incorporated in 1994, is into electricity generation and other allied activities, through itself and its subsidiaries. It operates assets across thermal, hydro, wind, and solar sources. The authorised share capital of JSW Energy is INR 50 billion. 

 

At 1114 IST, shares of JSW Energy were down 1.1% from Wednesday at INR 489.20 apiece on the National Stock Exchange, while shares of GE Power India Ltd. were down 1.3% at INR 669.70.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Shubhayan Bhattacharya

 

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