Acquisition announced

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

GE has agreed to acquire a majority stake in the Advanced Systek. The transaction will enhance GE's ability to offer solutions to customers in regions such as South Asia and the Middle East. Terms of the transaction were not disclosed.

By combining Advanced Systek's capabilities with GE technology and world-class product suite of flow meters, control valves, UPS, controllers and instrumentation, this transaction enables the GE Oil & Gas business to broaden its offerings for the industry and deepen its relationship with customers seeking solutions.

Under the terms of the transaction, the senior management team of Advanced Systek will continue to serve as directors and will work with GE to utilize their industry expertise to help the business grow.

John L. Flannery, President & CEO, GE India, said, "GE and Advanced Systek complement each other very well. Advanced Systek's capabilities and its established track record in the oil and gas industry combined with our expertise and product portfolio in custody transfer will help us expand our service offerings to our customers. This merging of strengths will help us address growth opportunities in India and other emerging countries."

Umed Fifadra and Mukesh Kapadia, Joint Managing Directors, Advanced Systek, said, "Advanced Systek's electronic flow measurement devices and automation software will be complemented by GE Energy's existing strength in measurement instrumentation, diagnostics and performance optimization offerings, to create an overall solutions business with strong local capabilities. We look forward to widening Advanced Systek's position in its core areas of expertise with GE Energy's broad range of world-class products and global reach."


For More Details See

www.varindia.com

Comments

Post a Comment

Popular posts from this blog

N Chandrasekaran appointed chairman of Tata Sons

Image
The board of directors of Tata Sons, at its meeting has unanimously appointed N Chandrasekaran as executive chairman, Tata Sons. N Chandrasekaran shall take charge from February 21, 2017. The board of Tata Sons said, “Chandrasekaran has demonstrated exemplary leadership as the chief executive officer and managing director, Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead.” Chandrasekaran was the chief executive officer and managing director of Tata Consultancy Services since 2009. A Tata lifer, he had joined the company in 1987 and was appointed as a director on the board of Tata Sons on October 25, 2016.
Read more

Fake GST invoice scam; 215 people arrested, ₹700 cr recovered

Image
Fake GST invoice scam; 215 people arrested, ₹700 cr recovered:  The   Directorate General of GST Intelligence (DGGI)   has recovered more than ₹700 crore from the arrested 215 people and in the last two months. The individuals who have been arrested for   GST fake invoice frauds   and are fly-by-night operators who fraudulently avail, pass on and utilize input tax credit (ITC) in multi-layered scams. The GST intelligence authorities have also registered over 2,200 cases and have unearthed more than 6,600 fake   GSTIN   entities. “Out of the 215 arrests so far there are 71 masterminds, 81 proprietors, 36 director/managing directors, 15 partners, 3 CEOs, 6 chartered accountants and one each of company secretary, broker, and GST practitioner,” the statement said.   The recent usage of data analytics, data-sharing and AI along with BAFTA tools has helped the agency to detect fraudsters with precise inputs. The DGGI in its statement also said that the arrested include several managing dir
Read more

Visa buys NFT based CryptoPunk and paid $150,000 in Etherium

Image
Visa buys NFT based CryptoPunk and paid $150,000 in Etherium:  Leader in the digital payments   Visa   has purchased a digital CryptoPunk for $150,000, marking the company's first ever   NFT   purchase. The deal is clearly shows that, Visa is stepping into the world of NFTs with its purchase of   CryptoPunk 7610 .   Going forward, NFTs and Visa to align and integrate them in new brand strategy to gain a sizable market share. However, NFTs have often been compared to physical collectible items like rare trading cards and works of art.   The CryptoPunk 7610, which feBlatures a female punk with a mohawk and large green eyes. "We envision there could be a future where your crypto address becomes as important as your mailing address," Visa's Head of Crypto said.   An NFT - which stands for non-fungible token - is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can’t be exchanged like-for-like with an
Read more