Electrical equipment maker Crompton Greaves today said it has joined hands with Spanish firm ZIV Aplicaciones Tecnologia to produce machineries for the power sector in India.
Both the companies have formed a joint venture, in which the domestic firm holds 70 per cent stake and the rest lies with the overseas entity, Crompton Greaves said in a filing to the Bombay Stock Exchange.
"The JV is yet one more major step by Crompton Greaves in establishing itself as a full solutions provider," it added.
The JV will produce substation automation systems, including protective relays, differential relays, bay control units and substation units in India.
"It is estimated that the total equity capital of the JV will be Rs 10 crore, out of which the company (Crompton Greaves) will contribute Rs 7 crore for a 70 per cent shareholding," the statement said.
Crompton Greaves is the flagship entity of the $4 billion Avantha Group.
ZIV is present in over 50 countries across the world. It is a major player in serving the needs of the electrical industry.
