Crompton Greaves has received a binding offer for acquisition of its B2B Automation business, comprising of ZIV Aplicaciones y Technologia, S.L, (Spain), its subsidiaries along with the related Automation business in UK, Ireland, France and India at an Enterprise Value of 120 Million Euros from 'Alfanar'.
The company expects the completion of the acquisition by Alfanar by January 31, 2017. The strategic action is intended to meet the company's objective of debt reduction and on focusing on its core operations in India which provide significant growth opportunity, besides enhancing shareholder's value.
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.
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|---|---|
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