Crompton Greaves will sell its power business overseas to a US private equity fund for an enterprise value of 115 million euros, the company said in a regulatory filing here on Wednesday.
The statement said the company will sell its European, North American and Indonesian power transmission businesses to the US private equity fund, First Reserve International Limited.
The company manufactures fans, air coolers and power transmission equipment.
"The sale will enable the company to reduce debt and focus on its faster growing Indian businesses. The company continues to actively examine its other international B2B (business-to-business) businesses with a view to monetise these businesses to enhance shareholder value," the statement filed with the BSE said.
The company's shares were trading Rs.147.70 per share, up 5.84 percent in the BSE at 1.11 p.m.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app