For a consideration of Rs 40.26 crore
Crompton Greaves announced that the Board of Directors of the Company, has approved divestment of its investment of 600,000 equity shares of Rs.10/- each made in the year 1994 (aggregating to Rs.60 lakhs) in the share Capital of CG Lucy Switchgear (CG-Lucy) to W. Lucy & Co Limited, UK for a consideration of Euro 5.5 million (Equivalent to Rs.40.26 crore) and the execution of consequent definitive agreements.The deal forms part of CG strategy to focus on its B-to-B activity in the power HV sector.
CG Lucy Switchgear is a 50-50 manufacturing joint venture between the Company and W. Lucy and Co., UK. Established in 1994, its factory is situated at Nasik, India and is a manufacturer for Ring Main Units (RMUs) in India. Post divestment, Crompton Greaves will continue to have distributorship of RMUs in India and will also continue to supply vacuum bottles and other products to CG-Lucy.
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