Crompton to sell power systems business in Canada CAD 20 Mn

Crompton Greaves is selling its power systems business in Canada to PTI Holdings Corporation for Candaian dollar 20 million.
The company in a filing to the BSE said that its panel of directors has approved sale of its power systems business in Canada to PTI Holdings Corporation.
"The Committee (of directors) at its meeting held on October 26, 2015 has approved the sale of Company's Power Systems Business in Canada to PTI Holdings Corporation in a structured deal for an enterprise value of Canadian dollar 20 million subject to post-closing adjustments," the filing said.
Pursuant to the approval of the Committee, a definitive Business Purchase Agreement with PTI Holdings Corporation will be executed on October 26, 2015, it said.

As per the agreement, the structure of the deal and its commercial terms remain subject to applicable regulatory approvals.
Earlier the company had announced on May 28, 2015, that it had received a firm offer for divestment of Company's Power Systems Business in Canada and hadd authorised a Committee of Directors ("Committee") to take appropriate next steps for the purpose.