Crompton Greaves is planning to sell its entire stake in consumer electricals unit for Rs 2,000 crore to a special purpose vehicle managed by Advent International Corp and a unit of Singapore's Temasek Holdings. Advent International Corp may buy the consumer products business of Crompton Greaves for $350 million.
The board of Crompton Greaves, a conglomerate whose activities stretch from power transmission equipment to fans and air coolers, had approved a plan in March to hive off its consumer products business into a separately listed company.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.
