CG Power & Industrial Solutions sells its business in Hungary
Capital MarketCG Power & Industrial Solutions has sold the assets and shares of the company's business in Hungary (excluding switchgear business) owned by the Company's subsidiary, CG Electric Systems Hungary Zrt (ESHU) at an Enterprise Value of Euro 38 million to Ganz Villamossagi Zrt and Alester Holdings. Consequent to the above, ESHU ceases to be an overseas subsidiary of the Company.
The above sale is in line with the Company's stated strategy of reducing debt and focusing on core operations in India, besides enhancing shareholders value.
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