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Areva to transfer unit to subsidiary

MUMBAI: Areva T&D India, engaged in electric power transmission and distribution, on Monday said it would transfer its motors and meters business to its subsidiary, Alstom Industrial Products Ltd (AIPL), for a total consideration of Rs. 41.30 crore. The issue of equity shares by AIPL to the company will satisfy the consideration for the transfer and an Alstom Group company or its nominees will ultimately acquire these shares, subject to completion of requisite formalities, Areva informed the Bombay Stock Exchange.

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