Avantha Group is reportedly planning to sell its stake in Crompton Greaves to an overseas buyer. Founder of Avantha Group Gautam Thapar wants to sell his controlling 42.7% stake to an overseas company seeking to enter the Indian power transmission and distribution sector.
The promoter had considered various options to raise funds and found selling stake in Crompton Greaves was the best option. Moreover, a merchant banker has been informally appointed for finding a buyer for Crompton Greaves.
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.
