Mumbai: Diesel and natural gas engines maker Cummins India today said it will offload its power generation rental business to Pune-based Aggreko Energy Rental India for Rs 29 crore.

The board of directors has "approved the sale of company s power generation rental business as a going concern for a total consideration of not less than Rs 290 million to Aggreko Energy Rental India," Cummins India said in a filing to the Bombay Stock Exchange.

The sale would enable the company to focus its attention on growing its core business of manufacturing and marketing of internal combustion engines and generator sets, it said.

The rental business of the company consists of renting generator sets of various capacities on need basis to its customers across the country.

"Aggreko is engaged in the business of renting generator sets in India and has expressed its interest to buy the company s power generation rental business as a going concern," Cummins India said.

The board's approval is subject to appropriate approvals including approval of the shareholders by postal ballot, it added.

Shares of the company were trading at Rs 206.20,down 4.56 per cent in the late afternoon trade on the BSE.

Source : PTI