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Tokyo Electric Power Co Inc to Sell Off Subsidiary Operations to Hitachi Ltd- Nikkei


Thursday, 17 Oct 2013 08:00pm EDT 

Nikkei reported that Tokyo Electric Power Co Inc will sell some of operations of its wholly owned subsidiary Tepco Systems Corp. to Hitachi Ltd in March, for an estimated JPY 13 billion. Customer management and utility billing and collection services are among the operations to be sold off. They will be spun off from Tepco Systems and brought under a new company, in which Hitachi and a subsidiary will take a roughly 70% stake. Tokyo Electric Power will use the proceeds to pay compensation for damage caused by the nuclear accident at its Fukushima Daiichi power plant, among other things. 

Company Quote

74.09
0.38 +0.52%
17 Apr 2014