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Board of CG Power & Industrial Solutions accepts binding offer for sale of Hungary business

Capital Market 

At meeting held on 10 August 2017

CG Power & Industrial Solutions announced that as part of the Company's stated strategy of geography/ product wise divestment with the objective of debt reduction and focus on core operations and core market in India, the Board of Directors of the Company has accepted the binding offer for sale of assets and shares of the Company's business in Hungary (excluding switchgear business) for an enterprise value of Euro 38 million from the prospective buyers to comprise of Ganz Villamossagi Zrt. and Alester Holdings.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 16:57 IST