Crompton Greaves (CG) has signed long term supply relationship agreement with Transpower NZ Ltd, owners and operators of the New Zealand national grid. With this agreement, CG becomes the first of three preferred vendors to supply transformers to Transpower, with the potential to scale to orders worth US$15 million annually. The transformers are being manufactured in CG’s Jakarta, Indonesia facility, the company announced today.
Crompton Greaves posted Rs 189 crore loss for the third quarter FY 2013 weighed down by employee liabilities due to restructuring of its operations in Europe. The company had made a profit of Rs 75.50 crore in same period.
The long term contract with Transpower NZ Ltd will help in consolidating Crompton Greaves's business in Australasia markets with orders that could reach to around $15 million annually. The agreement will remain in force for five years with the possibility of two extensions of two years
Crompton Greaves CEO Laurent Demortier said, “. The long-term agreement with Transpower is recognition of our long relationship with them.
Our expansion to 500KV transformers for large customers in South East Asia built a high degree of confidence with Transpower, and led to the inking of this agreement. This deal serves to strengthen CG’s position and will help us win new orders in this emerging and fast-growing geography.”
