 "Laurent Demortier, CEO & MD, Crompton Greaves")
The Avantha Group company Crompton Greaves (CG) has divested its entire 50 percent stake in CG Lucy Switchgear Limited to W Lucy & Co Limited, UK, for Rs 40.2 crore.
Laurent Demortier, CEO & managing director, CG, said, “We are pleased with the performance achieved by this joint venture and we thank all the employees and customers who supported the development of CG-Lucy. Combining the CG Lucy Indian operations and Lucy Electric business will allow CG Lucy to focus on developing products specifically for the Indian market and expand its offering within the MV sector.”
Established in 1994, CG Lucy Switchgear Ltd is a 50:50 manufacturing joint venture between the CG and W Lucy and Co Limited. CG Lucy Switchgear, which has a production facility at Nashik (Maharashtra), is a manufacturer for ring main units (RMUs) for the India market. Post divestment, CG will continue to have distributorship of RMUs in India and will also continue to supply vacuum bottles and other products to CG-Lucy. The deal forms part of CG’s strategy to focus on its B2B activity in the power HV sector.
