Crompton Greaves (CG) has received an approval for divestment of its investment of 600,000 equity shares of Rs10 each made in the year 1994 in the share capital of CG Lucy Switchgear to W. Lucy & Company, UK for a consideration of euro 5.5 million and the execution of consequent definitive agreements. The deal forms part of CG strategy to focus on its B-to-B activity in the power HV sector.
Post divestment, Crompton Greaves will continue to have distributorship of RMUs in India and will also continue to supply vacuum bottles and other products to CG-Lucy.
CG Lucy Switchgear is a 50-50 manufacturing joint venture between the company and W. Lucy and Company, UK. Established in 1994, its factory is situated at Nasik, India and is a manufacturer for Ring Main Units (RMUs) in India.
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