Global firms evince interest in acquiring CG's assets abroad

Crompton Greaves today said that reputed international companies have evinced interest in acquiring European, North American and Indonesian operations of its power segment division.
"Board of Directors has received non-binding proposals from reputed international entities with significant interest in industrial and power sectors, for acquiring the European, North American and Indonesian activities of the power segment division of CGL," the company said in BSE filing today.
It said, "Separately it has received firm offers for Canadian Power and the American Transportation automation businesses (formerly OEI Inc)."
These proposals constitute firm indications of interest but are subject to due diligence, negotiation and execution of definitive agreements, the company said adding these are in line with the board's strategic intent of focusing profitable India businesses and global automation business.

The company said the board has authorised a committee of directors to take appropriate next steps.
However, it said that there can be no assurance that any definitive offer will be made, that any agreement will be executed or that these offers will be approved or consummated.