Tata Power completes acquisition of NELCO Ltd’s defence business
Tata Power, acquired Unattended Ground Sensors (UGS) the defence business division of NELCO Limited, the company announced on Thursday.
“On 28th January 2015, the company had informed the Exchange that the company has entered in to a binding understanding with NELCO Ltd. to purchase its defence business of Unattended Ground Sensors (UGS). This is to further inform that the company has completed the formalities for the said purchase,” Tata Power said.
The UGS business involves supply, installation and servicing of sensors for the Ministry of Defence (MoD).
“On purchase, the UGS business will be part of Tata Power’s Strategic Engineering Division (SED). SED is also a supplier of defence equipment and solutions. Acquisition of the business is expected to synergies to SED business,” the company said.
Shares of Tata Power closed up 0.06% at Rs 80.50 per share.