CG Power board accepts offer to sell business in Hungary

Avantha group company CG Power and Industrial Solutions today said its board has accepted a binding offer for sale of assets and share of its businesses in Hungary for an enterprise value of 38 million euro.
The business for sale in question excludes the switchgear business in its step down subsidiary CG Electric Systems Hungary Zrt., the company said in a BSE filing today.
It stated that the prospective buyers are Ganz Villamossagi Zrt. And Alester Holdings Limited.
The company informed that the sale is part of its divestment plan to reduce debt and to focus on core operations and core market in India which provides sufficient growth opportunities.