Cummins India Ltd has informed that the Board of Directors of the Company by circular resolution dated November 19, 2008, have approved sale of Companys Power Generation Rental Business as a going concern for a total consideration of not less than Rs 290 million to Aggreko Energy Rental India Pvt. Ltd., Pune (Aggreko). The Rental Business of the Company consists of renting of generator sets of various capacities on need basis to its customers across India.
It is proposed to sell the said Business along with its essential assets such as equipments, inventories, information etc. which are required to conduct the business.Aggreko is engaged in the business of renting generator sets in India and has expressed its interest to buy the Companys Power Generation Rental Business as a going concern.
The Boards approval is subject to appropriate approvals including approval of the shareholders by Postal Ballot pursuant to Sections 293 (1) (a) and 192A of the Companies Act, 1956.The above sate will enable the Company to focus its attention on growing its core business of manufacture and sale / marketing of internal combustion engines and generator sets.
It is proposed to sell the said Business along with its essential assets such as equipments, inventories, information etc. which are required to conduct the business.Aggreko is engaged in the business of renting generator sets in India and has expressed its interest to buy the Companys Power Generation Rental Business as a going concern.
The Boards approval is subject to appropriate approvals including approval of the shareholders by Postal Ballot pursuant to Sections 293 (1) (a) and 192A of the Companies Act, 1956.The above sate will enable the Company to focus its attention on growing its core business of manufacture and sale / marketing of internal combustion engines and generator sets.
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