CG Power and Industrial Solutions has terminated agreement with Ganz Villamossagi Zrt and Alester Holdings with effect from April 30, 2019, as certain conditions subsequent agreed to be performed between the parties have not been met.
Earlier, the company had executed of Business Transfer Agreement and Share Sale and Purchase Agreement with Ganz Villamossagi Zrt and Alester Holdings with respect of the sale of Assets and Shares of the Company's businesses in Hungary (excluding switchgear business) owned by the Company's subsidiary, CG Electric Systems Hungary Zrt at an Enterprise Value of Euro 38 million.
Avantha Group Company CG Power and Industrial Solutions (formerly Crompton Greaves) is a global pioneering leader in the management and application of electrical energy. CG provides end-to-end solutions that meet all electrical needs of its customers. CG’s offerings include electrical products, systems and services for utilities, power generation and industries.