Crompton Greaves to sell its power segment division business catering European, North American & Indonesian markets

For Euro 115 million

Crompton Greaves announced that the Company has received and accepted a revised binding letter of offer for the acquisition of the European, North American and Indonesian activities of the power segment division of the Company by First Reserve International, a US Private Equity Fund, for an enterprise value of Euro 115 million. The offer is subject to regulatory, shareholders approvals and signing of definitive share purchase agreements.

The sale will enable the Company to reduce debt and focus on its faster growing Indian businesses.

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