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GEC to buy out HDFC stake in GE Countrywide.
NEW DELHI, Feb. 27 THE US-based General Electric Corporation (GEC) has decided to buy out the 25 per cent stake of its joint venture partner, HDFC, in GE Countrywide Consumer Financial Services Ltd.
The buy-out will be carried out through GEC's wholly-owned Indian subsidiary GE Capital Services India.
GE Capital Services will acquire over 83 lakh equity shares of Rs 10 each currently held by HDFC Ltd for a consideration of Rs 8.34 crore.
Following the acquisition, GE Countrywide will become a 100 per cent subsidiary of GE Capital Services.
The move is aimed at strengthening the company's position in the Indian non-banking financial sector. …
