Crompton Greaves arm joins hands with Saudi company

Date: 07-09-2009

Crompton Greaves has announced that its subsidiary has entered into an agreement with Saudi Arabia based-EIC Group to form a joint venture company to manufacture transformers. Pauwels Trafo Belgium NV, subsidiary of the company has entered into a definitive memorandum of undertaking with the company, for establishing a joint venture company to manufacture medium power transformers.

The total equity capital of the joint venture company would be $6 million out of which the company, through its subsidiary would contribute $ 3.06 million, for a 51 per cent stake.crack crack