CG to complete global power T&D biz sale by Nov-end

Avantha group firm Crompton Greaves today said that its proposed sale of power transmission & distribution business in Europe, North America and Indonesia will be completed by the end of this month.
"This is further to our communication...Announcing the execution by the company, along with its subsidiaries, CG International and CG International Holdings Singapore, a Share Purchase Agreement with Pauwels Spaco (Buyer)- an SPV of First Reserve, for sale of the company's power business in Europe, North America and Indonesia, envisaging completion by October 31," the company said in a filing to BSE.
"The company wishes to inform that pending the fulfillment of the certain conditions precedent to the SPA, it has been mutually agreed to extend the completion to November 30," it said in the filing.

In the meantime, the company has made progress on the identification of potential investors/buyers for its international B2B automation business as already communicated in May.
Further announcements in this regard will be made as and when considered appropriate by the company and its board of directors.
These strategic actions are intended to meet the company's objective of debt reduction, and focusing on its core operations in India which provide a significant growth opportunity.
"Besides, we believe this restructuring improves the company's balance sheet and enhances shareholder's value," the filing said.