Tata Power completes acquisition of NELCO Ltd’s defence business

Tata Power completes acquisition of NELCO Ltd’s defence business
The UGS business of NELCO involves supply, installation and servicing of sensors for the Ministry of Defence (MoD). Image Source: Pixabay
Written By: ZeeBiz WebTeam
Updated: Thu, Feb 02, 2017
04:59 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Stocks in Focus on June 2: Auto Stocks, Tata Power to Kotak Mahindra Bank; here are expected newsmakers of the day Stocks in Focus on June 2: Auto Stocks, Tata Power to Kotak Mahindra Bank; here are expected newsmakers of the day
Tata Power Q4 Results: As profit jumps, CEO and MD Praveer Sinha gives credit to these 3 steps Tata Power Q4 Results: As profit jumps, CEO and MD Praveer Sinha gives credit to these 3 steps
Stocks in Focus on March 11: Yes Bank, Tata Power to Infosys; here are expected 5 Newsmakers of the Day Stocks in Focus on March 11: Yes Bank, Tata Power to Infosys; here are expected 5 Newsmakers of the Day
Stocks in Focus on March 5: Tata Power, SBI Card IPO to Allcargo Logistics; here are expected 5 Newsmakers of the Day Stocks in Focus on March 5: Tata Power, SBI Card IPO to Allcargo Logistics; here are expected 5 Newsmakers of the Day

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.

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.