MNCs continue to encash lofty valuations at Indian-listed arms
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Multinationals are rushing to exploit a runaway rally in the Indian stock markets, with more than a dozen firms paring holdings in their local businesses in the past year, while half a dozen others, including Hyundai and LG, are planning public listings. GE T&D India is the latest to join a growing list of global companies like Wabco, ITC, Styrenix Performance Materials, Federal-Mogul Goetze, Timken India, Motherson Sumi, GMM Pfaudler, Thomas Cook, and Whirlpool taking advantage of premium valuations in India, which significantly exceed those of their global counterparts. US-based GE Vernova, formed from the merger and spin-off of General Electric's energy businesses, has decided to sell up to 11.7% of its stake in its Indian-listed subsidiary, GE T&D India, through an offer for sale on Thursday and Friday. The company has set a floor price of ₹1,400 per share, with the deal expected to fetch the promoter around ₹4,200 crore. ...