Crompton sells overseas power business

Mumbai, March 9 (IANS) Crompton Greaves will sell its power business overseas to a US private equity fund for an enterprise value of 115 million euros, the company said in a regulatory filing here on Wednesday.

The statement said the company will sell its European, North American and Indonesian power transmission businesses to the US private equity fund, First Reserve International Limited.

The company manufactures fans, air coolers and power transmission equipment.

“The sale will enable the company to reduce debt and focus on its faster growing Indian businesses. The company continues to actively examine its other international B2B (business-to-business) businesses with a view to monetise these businesses to enhance shareholder value,” the statement filed with the BSE said.

The company’s shares were trading Rs.147.70 per share, up 5.84 percent in the BSE at 1.11 p.m.

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