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Tata Power to buy NELCO’s business vertical

January 29: Tata Power, on January 28 entered into a binding understanding with NELCO Limited to purchase its defence business of Unattended Ground Sensors (UGS) on a slump sale basis for about Rs 8.3 crores, the company said in statement to the BSE.

The UGS business involves supply, installation and servicing of sensors for the Ministry of Defence.

The company statement said that after purchase, the UGS business will be housed in Tata Power’s Strategic Engineering division (SED), a division of Tata Power that supplies defence equipment. Acquisition of the UGS business will provide synergies to the existing business of Tata Power SED and has scope for growth and expansion, the filing said.