Alfanar buys Crompton Greaves' automation biz for Rs 880 crore

Saudi firm Alfanar has acquired Crompton Greaves’ (CG) B2B automation business at an enterprise value of Euro 120 million (about Rs 880 crore). The company’s B2B automation business comprises of ZIV Aplicaciones y Technologies SL (Spain), its subsidiaries along with the related automation business in UK, Ireland, France and India.

Headquartered in Riyadh (Saudi Arabia) and with a turnover of $ 2.5 billion, Alfanar is a major player in the electrical industry sector operating manufacturing businesses, design & development centers and a number of facilities in the Middle East, Asia and Europe. 

CG expects the completion of the acquisition by Alfanar by January 31, 2017.

B2B automation business has been on the block since the sale of CG’s international power business materialised in March this year.