Crompton Greaves has received and accepted a revised binding letter of offer from First Reserve International, a US Private Equity Fund, for acquisition of the European, North American and Indonesian activities of the Power segment division of the company for an enterprise value of euro 115 million. The offer is subject to regulatory, shareholders approvals and signing of definitive share purchase agreement.
The sale will enable the company to reduce debt and focus on its faster growing Indian businesses. The company continues to actively examine its other international B2B businesses with a view to monetize these businesses to enhance shareholder value.
Crompton Greaves is an Indian multinational company engaged in design, manufacturing, and marketing of products related to power generation, transmission, and distribution based in Mumbai.
