Crompton Greaves plans to sell consumer electrical unit to Advent and Temasek

Proposes to sell entire stake for Rs 2,000 crore

Crompton Greaves Ltd proposes to divest its entire stake in consumer electricals unit for Rs 2,000 crore to a special purpose vehicle managed by Advent International Corp and a unit of Singapore's Temasek Holdings, the company said in a statement on Friday.

A consortium led by US private equity firm Advent International Corp is set to buy the consumer products business of Crompton Greaves for up to $350 million, two sources directly involved in the deal told Reuters earlier.

The board of Crompton Greaves, a conglomerate whose activities stretch from power transmission equipment to fans and air coolers, approved a plan in March to hive off its consumer products business into a separately listed company.