Crompton Greaves (CGL) has received a revised binding offer from First Reserve, for the company's Power Businesses in Europe, North America and Indonesia for an Enterprise Value of euro 115 million. CGL along with its subsidiaries, CG International BV and CG International Holdings Singapore, has signed a Share Purchase Agreement with Pauwels Spaco - an SPV of First Reserve for the above acquisition. First Reserve is a leading global private equity and infrastructure investor exclusively focused on energy. The SPA envisages completion of the transaction by 31 October 2016, subject to shareholder, and regulatory approvals which the company expects to receive prior to that date.
The above strategic actions are intended to meet the company's objective of debt reduction and on focusing on its core operations in India which provide a significant growth opportunity. Besides, the company believes that restructuring improves the company's Balance Sheet and enhances Shareholder's 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.
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