Crompton Greaves to sell overseas power business for Rs 851 cr
Avantha Group company Crompton Greaves will sell its transmission and distribution business outside India to a US private equity fund, for an enterprise value of approximately Rs 851 crore.
- Mar 9, 2016,
- Updated Mar 9, 2016 2:08 PM IST
Avantha Group company Crompton Greaves will sell its transmission and distribution (T&D) business outside India to First Reserve International, a US private equity (PE) fund, for an enterprise value of 115 million euros (approximately Rs 851 crore).
"The company has now received and accepted a revised binding letter of offer for acquisition of aforesaid business by First Reserve International Ltd, a US private equity fund, for an enterprise value of euro 115 million," Crompton Greaves said in a BSE filing on Wednesday.
In May last year, Crompton Greaves had received non-binding proposals from interested parties to acquire European, North American and Indonesian activities of power division of the company. Crompton Greaves said the transaction is subject to regulatory approval and signing of definitive share purchase agreement.
It further said, The sale will enable the company to reduce debt and focus on its faster growing Indian business. The company continues to actively examine its other international B2B businesses (business to business) with a view to monetise.
Avantha Group company Crompton Greaves will sell its transmission and distribution (T&D) business outside India to First Reserve International, a US private equity (PE) fund, for an enterprise value of 115 million euros (approximately Rs 851 crore).
"The company has now received and accepted a revised binding letter of offer for acquisition of aforesaid business by First Reserve International Ltd, a US private equity fund, for an enterprise value of euro 115 million," Crompton Greaves said in a BSE filing on Wednesday.
In May last year, Crompton Greaves had received non-binding proposals from interested parties to acquire European, North American and Indonesian activities of power division of the company. Crompton Greaves said the transaction is subject to regulatory approval and signing of definitive share purchase agreement.
It further said, The sale will enable the company to reduce debt and focus on its faster growing Indian business. The company continues to actively examine its other international B2B businesses (business to business) with a view to monetise.