Areva T&D put on sale by French parent

Shares of Areva T&D India gained as much as 11% on July 1 after its French parent Areva said that it has put the Transmission and Distribution (T&D) division up for sale globally, including the Indian arm. Currently Areva holds ~72% stake in Areva T&D India. The Indian arm of Areva had net profit of Rs2.26bn on net sales of Rs26.55bn. Areva T&D India shares closed at Rs363.30 after touching an intra-day high of Rs373.90 and a low of Rs327. It is up ~11% in a week's time. "Whatever the outcome of this process, Areva T&D India's focus remains unchanged: ensuring the satisfaction of its stakeholders and delivering on its commitments. We will keep you informed about the developments," the Indian arm of Areva T&D said in a statement. Areva group's Supervisory Board finalized the steps to be taken to finance the group’s long-term development plan. The Board has asked the Executive Board to put the group’s T&D division up for sale. Siemens AG, and ABB are reportedly among the interested entities to acquire Areva's T&D business. Areva T&D has €5bn revenues, 31,000 employees, 72 facilities around the world, and is a world leader in its markets.