CG Power and Industrial Solutions Limited (CG) which is the erstwhile Crompton Greaves Limited after spinning off its consumer business is a pure B2B company spanning two major businesses. These are the Power Systems business unit involving power transmission and distribution equipment and system solutions that cover many differentiated products and services from ultra-high voltage (UHV) high voltage (HV) medium voltage (MV) and low voltage (LV) and the Industrial Systems business unit consisting of rotating machines (motors and alternators) across a wide spectrum of power and ratings automated AC DC and variable frequency drives and control systems as well as traction electronics and machines signalling and coach products and integrated solutions for railway transportation. As on 31 March 2018 the company has 3 Indian subsidiaries 23 foreign subsidiaries 1 joint venture and 2 associate companies. CG is a part of the Avantha Group led by the Group's Founder & Chairman Mr Gautam Thapar. Crompton Greaves Ltd a part of the Avantha group was established in the year 1937 in Mumbai as a private sector under the name of Crompton Parkinson Works Ltd. In the year 1947 with the dawn of the independence of India the company was taken over by Lala Karamchand Thapar an eminent Indian industrialist who formed the Thapar Group. In the year 1966 Greaves Cotton & Crompton Parkinson Ltd was amalgamated with the company and the name was changed to Crompton Greaves Ltd.In the year 1975 the company made technical collaboration agreement with Hitachi Ltd Japan for the manufacture of moulded case circuit breakers. In the year 1978 they entered into various technical collaboration agreements with several renowned manufacturers from USA UK Europe and Japan. In the year 1981 Kerala Electric Lamp Works Ltd (formerly Toshiba Anand Lamps Ltd) became a subsidiary company. In the year 1986 the company jointly with the Punjab state Industrial Development Corporation Ltd promoted a company under the name Punjab Power Generation Machines Ltd for the manufacture of hydro turbines upto 20 MW in Punjab. Also the company in association with Economic Development Corporation of Goa Daman & Diu Ltd promoted a company under the name of Goa Electricals and Fans Ltd for the manufacture of ceiling fans in Goa.In the year 1987 the company commissioned an up-to-date plant for the manufacture of vacuum interrupters and manufacture of industrial electronic items signaling systems at Aurangabad and Nasik respectively. Also they commissioned an instrument relays project at Pithampur. In the year 1988 the company developed and introduced supervisory control and data acquisition and programmable logical controllers. Also the company under joint venture set up and commissioned two plants for the manufacture of telematics at Goa and television receivers at Pithampur. In the year 1990 the company commissioned the rural telecommunication unit at Bangalore the transformers unit at Malanpur M.P and vacuum fluid purifier plant at Aurangabad. Also the company in association with Teltec of Denmark promoted a joint venture company under the name of CG-Teltec Ltd for the manufacture of radio communication equipment. Also Kerala Electric Lamp Works Ltd (KELW) was amalgamated with the company. In the year 1992 the R&D unit of the company developed new products like DC/AC current sensor and mixed dielectric insulation system for 220 KV coupling capacitors. They set up a joint venture project for manufacture of electric meters at Gurgaon. Also they commissioned a plant for manufacture of lithium batteries at Goa.In the year 1994 the company submitted their bid to DOT for provision of cellular services in seven circles in association with Millicons of Luxembarg. Also they promoted CG Communication Pvt Ltd to provide cellular mobile telephone services in the telecom services in India. In the year 1995 the company set up a modern transformer factory with the latest manufacturing equipment at Bhopal. Also Hind Condensor Ltd Goa Telematics Ltd (GTL) and Northern Digital Exchanges Ltd (NODE) were amalgamated with the company.In the year 1996 the company was restructured in four main business group viz. Power system Industrial system consumer products and Digital to ensure enhanced focus and effectiveness. The Indocom Industries Ltd a 100% subsidiary of the company and Lumino Lamps Ltd were amalgamated with the company. In the year 1997 Kersons Manufacturing Company of India Ltd (Kersons) and Goa Electricals and Fans Ltd (GEFL) were amalgamated with the company. In the year 1998 the company formed an alliance with Link Middle East Ltd (LMEL) for the manufacture the medium voltage vacuum switchgear at Dubai In the year 1999 the company signed an MoU with Israel based Tadiran Telecommunications Ltd for marketing and servicing Tadiran's Coral range of telecommunication product in the Indian subcontinent. Also they entered into a technical collaboration with Allied Signal Inc. for manufacturing Amorphous Metal Transformers (AMT). In the year 2000 the informatics division of the company made a tie up with Remedy Corporation for consultation implementation and training of eCRM and eBusiness infrastructure solutions in India. The company signed an agreement with French company Schneider Electric for selling its low-tension control gear business located in Nasik in Maharashtra. Also they entered into an agreement for sale of its Low Tension Control Gear division located at Satpur Nashik to Schneider Electric India Ltd for approximately Rs 76 crore.In the year 2001 CG-Digital a business unit of the company launched a new range of digital and KTS/EPABX systems to suit varying needs of communication. In a bid to reduce its manufacturing costs LM Thapar Group Company of Crompton Greaves has begun importing electrical components from Chinese manufacturers for their consumer products division. In the year 2002 the company divested their shareholding of 38% in CG Newage Electrical Ltd to Cummins India Ltd with the consideration of Rs 220.50 per share. In May 2005 the company acquired the Belgium-based Pauwels Group a company internationally known for their transformer manufacturing and service capabilities. Since 2005 the company embarked upon an ambitious globalization strategy growing both organically and inorganically drawing into their fold leading international companies such as Pauwels Ganz Microsol Sonomatra MSE and PTS. Consequent to this globalisation the company now enjoys manufacturing bases in Belgium Canada Hungary Indonesia Ireland France UK and US in addition to more than twenty manufacturing locations in India. In the year 2006 the company acquired 59% shareholding in Malanpur Captive Power Ltd (MCPL). During the year 2006-07 the company acquired Ganz Transelektro Villamossagi Zrt and its associate company Transverticum Kft in Hungary. Also the company's Indian Power Systems business opened 9 new International markets for their products. The HT motors division of the company succeeded in extending the 11 kV range of HT motors to 1750 kW. They also obtained and executed several new orders for refineries and cement plants. The company set up a captive glass shell manufacturing unit and a new line for FTL at Baroda. In May 30 2008 the company acquired France based Societe Nouvelle de Maintenance Transformateurs (Sonomatra). In September 12 2008 the company acquired USA based MSE Power Systems Inc and its subsidiary company - MSE West LLC (MSE Group). In August 2009 the company acquired 8160000 equity shares comprising 51 % share capital of Brook Crompton Greaves Ltd (BCGL) a joint venture between the company and BTR (European Holding) BV. BCGL thus became a 100% subsidiary of the company. In March 29 2010 the company acquired Power Technology Solutions Ltd (PTS) a UK-based high voltage electrical engineering company to provide integrated solutions services and products.During the year 2010-11 the company established a branch office at Poland. To consolidate their market share in the Middle East market the company entered into a strategic alliance with the EIC Group from Saudi Arabia for establishment of 2 joint venture companies - Saudi Power Transformers Company Ltd (SPTC) and CG Power Systems of Saudi Arabia Ltd (PS SA). SPTC will strengthen the company's manufacturing presence of medium power transformers in Saudi Arabia whilst PS SA will enhance the company's EPC footprint in Saudi Arabia and other Middle East countries. The company holds a 49% equity stake in SPTC and a 51% equity stake in PS SA through its overseas subsidiaries CG Power Systems Belgium N.V. and CG Holdings Belgium N.V. respectively. In April 29 2010 the company concluded an arrangement for acquiring three businesses of Nelco Ltd namely traction electronics SCADA and industrial drives for a value of approximately Rs 92 crore. In July 6 2010 the company completed the amalgamation of their wholly-owned subsidiary Brook Crompton Greaves Ltd with them. In November 2010 the company established CG-ZIV Power Automation Solutions Ltd (CGZIV) a joint venture company in India with ZIV Aplicaciones y Tecnologia S.L. (ZIV) for the manufacture of Substation Automation systems for substations in EHV and UHV range. In January 28 2011 the company approved the amalgamation of CG Capital and Investments Ltd (CG Capital) the company's wholly-owned subsidiary with the company. In May 2011 the company was awarded a contract for acting as the distribution franchisee of Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for power distribution in the Jalgaon Circle (Maharashtra) for a period of ten years. In May 19 2011 the company acquired Emotron of Sweden for an enterprise value of Rs 57.8 million. In May 27 2011 they acquired QEI Inc of USA a provider of automation systems and products for power transmission and distribution for an enterprise value of USD 30 million.At its 28 June 2013 Board Meeting the Crompton Greaves Board had authorized a buy-back of the company's equity shares aggregating to upto 10% of the total paid up equity capital and free reserves of the company as on 31 March 2012 (which was the latest audited Balance Sheet approved by the shareholders at the time). The Maximum Buy-back Size was Rs. 265.70 crore and the Minimum Buy-back Size was Rs.132.85 crore (50% of the maximum Buy-back Size). In terms of the above buy-back commenced on 16 July 2013 and as on 15 January 2014 i.e. the date of closure of buy-back offer the company bought-back 14745394 equity shares at an aggregate amount of Rs.133.56 crore representing 50.27% of the Maximum Buy-back Size. All the shares bought back have been extinguished. The average price of the shares bought-back worked out to Rs.90.37 per share. During the year ended 31 March 2014 Crompton Greaves launched its state-of-the-art smart grid facility at the Global Village near Bengaluru for full-fledged manufacturing of smart grid devices. Equipment produced in this facility will offer numerical solutions to Indian utilities and industries in the transmission and distribution (T&D) segment and provide improvements to the electricity grid to make it more efficient and reliable. In addition FY 2014 saw the company's power transformer plant in Indonesia completing its capacity increase to 10000 MVA with a new state-of-the-art winding workshop in place. It now has the proven capability to manufacture 500 kV transformers. FY 2014 saw the range expansion and global launch of IE3 range of motors up to 7.5 kW and orders for IE2 motors launched last year. In FY 2014 Crompton Greaves Consumer Products business unit undertook actions to expand its reach to cover end consumer sales points; rationalize channels networks; deploy lean manufacturing initiatives; and increase product offerings in premium segments as well as in knowledge based intelligent products. Over 11150 new retailers and 194 distributors were added to strengthen channel transformation; and nine new branches were opened in FY2014. The business also forayed its presence in the modern retail segment. The Board of Directors of Crompton Greaves at their meeting held on 29 January 2014 approved the amalgamation of CG-ZIV Power Automation Solutions Limited (CG-ZIV) and CG Energy Management Limited (CGEM) wholly owned subsidiaries of the company with the company for simplification of the shareholding structure and operational synergies. A Scheme of Amalgamation filed with the High Court of Bombay was duly approved by the High Court and the said Scheme became effective on 25 March 2015 with 1 April 2014 as the appointed date. The Amalgamation of CG -ZIV and CGEM with the cCompany has resulted in an increase in the Authorised Share Capital of the company by Rs. 46.60 crore. Being wholly owned subsidiaries of the company the entire paid-up share capital of CG-ZIV and CGEM would be cancelled and both the companies would stand dissolved without winding up.The Board of Directors of Crompton Greaves (CG) at its meeting held on 3 March 2015 approved a Scheme of Arrangement (Scheme) for the demerger under which the Consumer Products Business of the company will be transferred into Crompton Greaves Consumer Electricals Limited (CGCEL) which upon demerger shall be listed on the Stock Exchanges subject to receiving regulatory and statutory approvals. The Scheme approved by the Board proposes that upon sanction of the Scheme by the High Court of Bombay the shareholders of the company will be allotted one equity share of CGCEL for every equity share held in the company. Crompton Greaves has received an intimation from Avantha Holdings Limited one of the entities of the promoter group of the company addressed to the Stock Exchanges announcing its intention to divest its 34.37% proposed shareholding in CGCEL to be allotted consequent to the sanction of the Scheme of Demerger to one or more special purpose vehicles managed by Advent International Corporation USA and a wholly owned subsidiary of Temasek Holdings (Private) Limited for an aggregate consideration of Rs 2000 crore subject to requisite consents and approvals.During the year ended 31 March 2015 the T3 facility at Mandideep of Crompton Greaves' Power Transformers (PT) business unit manufactured and despatched the 175th unit of 765 kV class products - aggregating over 40000 MVA. It is the only plant in India to do so. During the year under review the T3 plant produced and despatched the 190th unit of locomotive transformers to the Chittaranjan Locomotive Works (CLW). It crossed the milestone of producing over 100000 MVA since its inception in 1995. It entered the export market by executing orders worth Rs. 15 crore. More importantly the T3 facility booked record export orders of Rs. 163 crore. The T3 facility secured major orders from (i) the National Thermal Power Corporation (NTPC) for 765 kV transformers and reactors; (ii) the Power Grid Corporation of India Limited (PGCIL) for 765 kV and 400 kV reactors; (iii) ISOLUX (Mexico) for 125 MVA/400 kV transformers and 400 kV reactors; (iv) CLW for locomotive transformers; and (v) Bechtel (USA) for 242 kV generator transformers and unit auxiliary transformers.The T3 facility won an order from NTPC for the design manufacture and supply of a Generator Step-Up (GSU) transformers for its largest capacity 800 MW super-critical thermal power plant at Darlipali in Odisha. The order comprises 315 MVA 765kV single phase GSU transformers 85 MVA 765 kV `tie' transformers and 80 MVAR shunt reactors. CG won this order against stiff international competition; and it has reaffirmed CG's leadership in India's UHV segment. The T3 facility also bagged a significant order from PGCIL for the supply of 80 MVAR 765kV shunt reactors. The T3 facility obtained 18% productivity improvement in 765 kV transformers; 22% improvement in 765 kV reactors; and 16% improvement in locomotive transformers. The T1 plant at Kanjur Marg (Mumbai) won order for highest rating of generator transformers (396 MVA 174 MVA) from L&T Power for a project in Bangladesh. The plant also won an order for trackside transformers for Indian Railways - a first for T1. The plant won first time orders from the Tamil Nadu Transmission Corporation. The plant won first export order for Laos for three 100 MVA/230 kV transformers acquired several new customers across Africa including Rwanda Ivory Coast Guinea Mozambique Tanzania Ethiopia and South Africa; and gained new market entry in Mexico for the supply of transformers and shunt reactors to the Comision Federal de Electricidad. The plant at Bogor Indonesia (called PTID) completed its state-of-the-art manufacturing facility with environmentally controlled winding bays and new core stacking tables. It is the sole supplier of 500 kV transformers in Indonesia. During FY2015 the plant received a significant order from PT Perusahan Listrik Negara (PT PLN) the state electricity corporation of Indonesia for 21 units of 60 MVA transformers - a `transfer order' that was earlier awarded to a competitor. In addition it delivered a 324 MVA strategic spare transformer to PT PLN - the largest 3-phase transformer produced by PTID. The plant secured two major orders from PLN under international competitive bidding with World Bank funding for 36 150 kV transformers and 36 transformers bays. The medium voltage power transformer plant at Washington (Missouri US) called PTUS secured a record order intake for supply of transformers for renewable energy projects. It also received large orders from NextEra Energy Resources Inc. from Florida We Energies of Wisconsin MEC Electric and the Omaha Public Power District. The plant successfully designed built tested and shipped its first two 230 kV/825 kV basic insulation level (BIL) transformer. It also successfully built and shipped dual low voltage regulation unit with individual load tap changers. The power transformer plant at Winnipeg (Canada) called PTCA completed a systematic labour force restructuring in May 2014 and headcount reduced. At Crompton Greaves' power transformer plant at Tapioszele (Hungary) or PTHU three new winding machines and a new winding bay were added; three complete coil core assembly platforms were installed; and the refurbishment of the vapour phase drying (VPD) oven and the hot air vacuum oven were completed. During the year under review Crompton Greaves won a significant new contract win for the design construction and delivery of 16 mobile substations for the Ministry of Electricity in Iraq. It is a collaborative effort. The 31.5 MVA transformers in each mobile substation will be produced in PT Hungary; the auxiliary/earthing units will be manufactured in the DT factory in Belgium; the control and protection equipment will be provided by CG's Automation arm ZIV; and integration and assembly work for the project will be carried out in Belgium.Crompton Greaves Switchgears business unit successfully developed and type tested 800 kV current transformer (CT) in accordance with the specifications of PGCIL. It also developed and type tested 800 kV condenser bushings as per PGCIL specifications. The business unit received PGCIL's product approval for and manufactured mixed dielectric synthetic oil capacitor voltage transformers (CVTs) up to 800 kV. The business unit successfully developed and type tested 420 kV 3000A (six core) CT as per PGCIL specifications. This received product approval and was supplied to PGCIL's Sagardighi project in West Bengal. The Switchgears business unit developed type tested and supplied 300 kV transient response (TPXTPY) CTs to PLN Indonesia. The business unit received a prestigious order for 92 units of 420 kV CTs from Bharat Heavy Electricals Limited (BHEL) for MPPTCL The Switchgears business unit developed a new economically designed 245 kV CT with mild steel tanks for the Madhya Pradesh Power Transmission Company Limited (MPPTCL). The business unit supplied 75 such CTs and received new orders for another 117 units. The Switchgears business unit secured significant export orders of CTs CVTs and voltage transformers (VTs) from Laos Indonesia Vietnam Ethiopia Democratic Republic of Congo Uganda Senegal Algeria and Guatemala often after overcoming tough competition from major international players. Regarding MV switchgears FY2015 saw its first export sale of the 36 kV GIS to Nigeria and the first significant Indian order from the Tamil Nadu Generation and Distribution Company (TANGEDCO). Also secured product approval of the 36 kV GIS from Oman. MV switchgears continued to witness repeat sale of higher rating (12kV 50kA) vacuum circuit breakers (VCBs). A marquee customer for the indoor 12kV 44kA VCB switchboard was the Nuclear Power Corporation of India. Moreover new indoor VCBs were successfully type-tested for the export market ranging from 12 kV 40 kA 2000 Amps to 36 kV 25 kA 2000 Amps. FY 2015 saw MV switchgears produce its highest ever volume of indoor and outdoor VCBs produced - a total of 11512 units which represented a growth of 43% over the previous year. Crompton Greaves manufactured the highest number of 72.5 kV breakers in the year -1028 units during FY 2015.During the year under review some of Crompton Greaves' Distribution Transformers (DT) plants succeeded in designing testing and manufacturing new products. Among these were: (i) the production and certification of ATEX transformers of different sizes and ratings for KBR Inc. for the oil and gas industry; (ii) the development of 10 MVA double-stock transformer for off-shore wind turbine applications; (iii) offering and production of first series of transformers according to European ECO-directive; and (iv) increasingly producing and supplying transformers from the DT plant in Washington Missouri for the oil and gas sector and heavy industries in the US as well as renewables in Latin America. In June 2014 Crompton Greaves along with two other consortium partners Fabricom and Iemants was selected by Van Oord for its offshore wind project Gemini in the Netherlands. Crompton Greaves' Automation business unit bagged a deal from PGCIL to supply six substation automation systems (SAS) in Jharkhand India. The business unit won a major contract with Spanish multinational electric utility company Iberdrola to supply over 1 million ZIV single smart meters in a year. The Automation business unit was awarded a significant contract for supply of 750000 smart meters from the Spanish utility Gas Natural Fenosa (GNF) making it one of GNF's main smart meter suppliers for the next two years.Crompton Greaves was selected by Electricit Rseau Distribution France (eRDF) the public electricity distribution company managing 95% of the network in continental France as one of the six suppliers to manufacture the first three million of its new generation Linky smart meters. This contract is a very significant achievement for CG which is building a competitive strategy in the development of smart grid solutions under the ZIV brand based on its own know-how and a unique mix of knowledge in protection control communications and metering technologies. Crompton Greaves secured a prestigious contract from the Saudi Electricity Company (SEC) the largest power utility company in the Middle East serving approximately five million customers in the Kingdom of Saudi Arabia (KSA) to supply ZIV three phase smart meters. It bagged the largest lot for the supply of the first batch of industrial smart meters after months of close dedication from its application and sales team to understand the customer's needs - which enabled the company to offer a customised and competitive product. In 2014-15 Crompton Greaves' Industrial Systems business unit crossed the Rs. 100 crore exports mark. The business unit secured the first IP65 motor order from the Saline Water Conversion Corporation Saudi Arabia for five 1.9 MW MV motors. The rotating machine facility at Hungary secured its largest order from Fives FCB of France a specialist in the construction of cement plants for 11 large slip ring MV motors to be supplied to Algeria Cement. Crompton Greaves obtained the first order from the Japanese global OEM Torishima Pumps for pump test motors of 500 KW for Indonesia. Crompton Greaves got the first development order of a three-phase diesel-electric multiple unit (DEMU) propulsion system from the Indian Coach Factory (ICF) Chennai. Crompton Greaves' Lighting And Luminaires division launched a total of 207 stock keeping units (SKUs) during FY 2015 mostly in LED based fixtures. Exclusive LED experience centres were inaugurated at three locations. Continuous development and cost optimisation led to the company bagging 5 million LED lamp and LED street lights orders under the government's drive on energy efficiency. The company won the order for around 25000 units of LED street lights in locations like Agartala Jhalawar Vishakhapatnam and Alleppey. The company won the first major LED luminaire export order to Oman comprising mainly high wattage high-bay luminaires. The company signed up with Bata for lighting up 300 of their stores across India. The company also signed up with major corporate houses and banks for the supply of conventional and LED products for all their locations in India including the use retrofit solutions. Crompton Greaves' Fans division developed additional capacity of 0.74 million units/year at Kundaim. The Baddi unit's Fan production increased by 32% and crossed the 2 million mark. In FY 2015 26 new models were introduced in the areas of (i) energy efficient ceiling fans (ii) premium range ceiling fans and (iii) table pedestal and wall range fans. In FY 2015 Crompton Greaves' Appliances division launched 34 new products involving new models of air coolers mixer grinders rice cookers and voltage stabilizers. With effect from 1 October 2015 Crompton Greaves Limited (CGL) completed the demerger of its erstwhile Consumer Products business into a separate company namely Crompton Greaves Consumer Electricals Limited (CGCEL). Each shareholder of CGL was allotted one equity share of CGCEL for every equity share of CGL held as on the record date of 16 March 2016. Thus CGL became a pure B2B Company from 1 October 2015 the appointed date of the demerger. During the financial year ended 31 March 2016 Crompton Greaves (CG) sold the Power Assets held by its subsidiary CG Power Systems Canada Inc thereby exiting from the Power business in Canada. The company has divested its entire stake in the Joint Venture CG Lucy Switchgear Limited (presently Lucy Electric India Private Limited) to W Lucy & Co Limited UK-the Joint Venture Partner while retaining its distribution and supply arrangements with Lucy Electric India Private Limited. During FY 2016 CG entered into binding transactions agreement with First Reserve for sale of its transmission and distribution (T&D) businesses at Indonesia Hungary Ireland France North America and Belgium at an enterprise value of Euro 115 million. First Reserve is a leading global private equity and infrastructure investor exclusively focused on energy. Moreover the company closed down its systems business at Brazil and is in the process of winding up its systems business at North America and the United Kingdom. During the year the Distribution Franchisee Agreement (DFA) of CG with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for power distribution at Jalgaon in Maharashtra was terminated by MSEDCL exercising its step- in rights consequent to certain unresolved disputes. During the year under review CG's R&D activities continued to focus on development of improved energy efficient and reliable products. Power transformers focused on research in cost competitiveness oil tightness and validation of hot spot calculation. The R&D division developed CSA certified single phase motors upto 5HP 4P and 6P. During the year under review the T3 manufacturing facility at Mandideep of CG's Power Transformers (PT) business unit retained leadership position in 800 kV class with PGCIL by securing orders for 10303 MVA representing a market share of 25% by MVA and 24% by value. The plant bagged orders for 63 large locomotive transformers orders for two 225 MVA 230 kV transformers from L&T for a project that PGCIL is executing in Bangladesh and export orders for a 130 MVA 220 kV transformer from Chile and another for 126 MVA 200 kV from the USA. The T3 plant designed and developed its first 220 kV Delta transformer (60 MVA 220 / 23 kV) for Chile. It designed developed and supplied the plant's largest generator transformer (396 MVA 242 / 18 kV 30) to the USA. The unit designed and developed a new locomotive transformer (7.7775 MVA 25 kV) for Indian Railways. The T1 plant at Kanjur Marg (Mumbai) of CG's Power Transformers (PT) business unit won several domestic and export orders during the year under review. The unit secured the largest power transformer export order till date for 1050 MVA 500 kV auto transformers from Tenaga Nacional Berhad (TNB) Malaysia. It also received first export orders from: (i) Abu Dhabi for an alumina plant through Bechtel and (ii) L&T Sharjah for a 400 kV power project in Malawi Africa. The T1 plant successfully short circuit tested: (i) a 250 MVA 400 kV generator transformer at KEMA Netherland for an NTPC project and (ii) a 50 MVA 66 kV transformer for the Delhi Metro Rail Corporation. The unit manufactured three 500 MVA transformers for PGCIL for its prestigious Kunta solar power project in Andhra Pradesh and delivered these in four months. The plant developed a cost effective design series for 400 kV shunt reactors. During the year under review CG's Switchgears division secured first orders from (i) ANDE Paraguay for supplying 36 kV indoor VCB panels; (ii) Indonesia for a newly developed mid-mounted 24 kV indoor VCB panel; (iii) Vietnam for 24 kV RMUs; (iv) West Bengal State Electricity Distribution Company Limited for 36 kV indoor VCB panels; (v) Goa Electricity Department for 12 kV VCB panels with numerical protection relays incorporating the IEC 61850 protocol; (vi) Northern Power Distribution Company of Telengana Limited for numerical protection relays. The Switchgears division maintained leadership position in Indian market for vacuum interrupters and vacuum contactors with over 40% market share. During the year under review CG's Distribution Transformers (DT) product line located at T2 at Malanpur near Gwalior secured several domestic orders for EPC projects solar power projects including evacuation and from companies operating in the metals and mining sectors. It also secured export orders from NGM Company Limited in Kenya and for a major solar power project in the Philippines. It introduced two new products: (i) an inverter duty 12 pulse transformer of 3.2 MVA with foil winding and (ii) a four-inverter feed 4.25 MVA transformer also with foil winding. CG's Industrial Systems business unit bagged orders for 11 MV motors for exports to Lafarge plants in Philippines Bangladesh Uganda and Vietnam. The business unit secured the largest rating order for India for 3.7 MW 18-pole 11 kV motors for use as circulating water (CW) pumps from Kirloskar Brothers Limited for LANCO's thermal power project at Ennore Tamil Nadu. It also won another large rating order for a 5.25 MW 16-pole 11 kV CW pump to replace a Chinese motor for Vedanta's Talwandi Saboo power plant in Punjab. The Industrial Systems business unit secured a large order from Wilo Mather & Platt Pumps for 36 MV motors for water projects under the Narmada Valley Development Authority Madhya Pradesh. It also bagged a single large order for 36 MV motors and 120 IEC standard LV motors from Jindal Machinery Raipur. During the year under review CG received range approval from the Petroleum and Explosives Safety Organisation (PESO) for flame proof MV motors in the 132 kW to 1050 kW range. CG is the only motor manufacturer in India to get this certification. During the year under review CG inaugurated the second LT motor manufacturing facility at Goa and achieved the highest production volume of 30000 motors per month. The rotating machine facility at Tapioszele Hungary produced for a Russian client two large synchronous HPP generator - a first in the 2200 mm frame size of 11.3 MW 24-pole 6.6 kV 60 Hz each weighing 93.5 metric tons. It also produced 12 motors (pump drives) for the Rosatom nuclear power plants of 1250 mm frame size 5 MW 6-pole 10 kV with double cage rotor motors. The drives business successfully commissioned a large test bed project at Al-Fanar Jubail Saudi Arabia to test motors up to 18 MW 13.8 kV. CG also successfully executed two sets of IGBT power converters based on a prototype by the Research Design and Standards Organisation (RDSO) of Indian Railways which now qualifies CG to participate in large quantity tenders for such equipment. After successfully executing three-phase traction motors the Diesel Locomotive Works (DLW) Varanasi awarded an order for 128 such units. CG also bagged a large Indian Railways order for 27 new energy efficient IGBT Power Converters from the Chittaranjan Locomotive Works (CLW). The drives and automation business in Sweden launched its `Flow Drive' water management solution and the VS10 / 30 micro drive of the 0.3 kW to 7.5 kW range. It also bagged major orders from Yara Marine and E.ON Energy one of the largest electricity and gas suppliers in the UK. The drives and automation business in India and Sweden acquired 39 new customers and 19 new approvals. Some of the new customers were: Kone Gamesa Faively Transport Nord ITC Sandvik Puzzolona Anupam Cranes and Hercules Crane. In CG's automation business line ZIV received some significant orders from Spanish utilities such as Ibedrola and Gas Natural Fenosa (GNF) as well as a prestigious order to deliver 45000 units of three-phase G1 smart meters for Linky in France. During the year ended 31 March 2017 the Share Purchase Agreement (SPA) for sale of CG's Power Businesses in Europe North America and Indonesia was terminated due to certain conditions precedent the fulfillment of which was beyond the reasonable control of the parties to the SPA. The company continues to explore alternative geography / product wise options for sale of its international power businesses excluding Indonesia while continuing with strategic initiatives for improving the overall operational efficiency of its international power businesses. During the year under review the company completed sale of its Automation business comprising of ZIV Aplicaciones y Tecnologia S.L its subsidiaries and Automation businesses in UK Ireland France and India at an Enterprise Value of Euro 120 Million. The sale is part of the company's strategy to focus on its core operations in Power and Industrial Systems businesses in their respective markets. The Automation business sale has significantly contributed to the reduction of company's international debts. The company's branch office in Poland i.e. Crompton Greaves Ltd SA and overseas step-down subsidiaries CG Power Systems Brazil Ltda and Microsol Limited were liquidated on 8 December 2016 21 December 2016 and 26 April 2017 respectively. Pursuant to the Scheme of Arrangement between the company and Crompton Greaves Consumer Electricals Limited (CGCEL) as sanctioned by the High Court of Bombay on 20 November 2015 inter-alia the trademarks associated with the company's erstwhile consumer products business viz `Crompton' and `Crompton Greaves' were transferred to CGCEL. Since the company consequent to demerger of its erstwhile consumer products business operates in a fully integrated B2B segment comprising of Power Transmission Distribution and Industrial Businesses the registered trademark `CG' associated with the B2B business has been retained by the company. As a consequence of the above and pursuant to approval of the shareholders of the company vide Special Resolution dated 25 January 2017 and the Central Government / Registrar of Companies Mumbai on 27 February 2017 the company changed its name from `Crompton Greaves Limited' to `CG Power and Industrial Solutions Limited' effective 27 February 2017. The new name `CG Power and Industrial Solutions Limited' appropriately represents and reflects the business in which the company is presently engaged and the existing registered trademark/logo used by the company. During the year under review the CG's R&D activities continued to focus on development of indigenous and energy efficient products. The Power Transformers Division developed 4.5MVA 33 / 4*380 (4LV IN ONE core coil assembly) inverter duty for solar application and amorphous transformers. The Switchgear Division indigenously designed and developed composite insulators to cater to the changing requirements of utilities for switchgear products and to reduce dependence on imported materials. The Switchgear Division also developed Arc assist double motion interrupters that will result in approximately 40% reduction of mechanism energy requirement algorithms for controlled switching of reactor & transformer and CG's Arista GIS which will achieve the requirements of global market for the ratings 36kV 31.5kA 2500A 50 / 60Hz. The Industrial Systems business developed new range of 480Vac `stacked drives' (including AFE) from 250kW to 2MW in smaller footprint AFE drives next generation control platform TSA range of Normal Duty softstarters with integrated bypass upto 1100A and next generation IP2X IP54 (and possibly IP65) variable speed drives during the year. During FY 2017 CG registered designs of Compact Series 160C frame Alternator 450 frame Alternator Solid Yoke DC Motor-AFS / AUS315 Amplydine for T90 Stabilizer-BEL Chennai Solid Yoke DC Motor in frame AUS / AFS250 (Locomotive) and Flameproof Brake Motors E90-160.In FY 2017 CG's Power Systems business unit's T3 manufacturing facility at Mandideep achieved record net sales of almost Rs 442 crore. Keeping in view growing orders from Indian Railways T3 created a dedicated facility for manufacturing railway transformers and its new 30MVA 132kV transformer produced in this unit for the Delhi Metro Rail Corporation (DMRC) was successfully short circuit tested at the Central Power Research Institute (CPRI). The T1 facility at Kanjur Marg Mumbai had several successes during the year. The manufacturing unit designed and developed a 50MVA 66kV transformer with ester oil for Siemens which was supplied for the Delhi metro (DMRC). It also designed and developed a single-phase 33.3MVA 400kV coupling transformers for PGCIL's Statcom Project at the NP Kunta Ultra-Mega Solar Park in the district of Ananthapur in Andhra Pradesh. The T1 facility successfully short circuit tested i. a 250 MVA 400kV generator transformer at KEMA (Netherlands) for NTPC Ramagundam and ii. a 50MVA 220kV transformer at the CPRI for the DMRC. It also successfully commissioned 11 sites in FY2017 for PGCIL as a part of its RT2 Project. In FY 2017 CG's Indonesian operations achieved highest ever order intake for power transformers of US$142 million. The Indonesian operations bagged the largest ever open book order from PLN of US$95 million of 114 power transformers aggregating 7400MVA. The Indonesian operations achieved a breakthrough in the power generation segment with an order intake of US$8 million and also bagged orders worth US$17 million for mobile sub-stations. CG's T2 facility at Malanpur which manufactures Distribution Transformers (DT) turned around in FY 2017 with an EBIDTA of 7.3% to sales. It achieved highest ever order input of Rs 274 crore and received its largest ever single order of Rs 32.5 crore from Greenco (Hyderabad) for 100 units of 4.5MVA 33kV for solar energy applications.In FY 2017 CG's Switchgears division indigenously developed and commissioned capacitor voltage transformers (CVTs) and surge arresters for the 1200kV experimental sub-station set up by NTPC at Bina (Uttar Pradesh). The Switchgears division set up and commissioned 108 current transformers (CTs) at a single location namely the Pallavadi (Tamil Nadu) substation for the Tamil Nadu Transmission Corporation (TANTRANSCO). It also manufactured and commissioned 765kV gas circuit breakers for PGCIL at Jabalpur (Madhya Pradesh) and Champa (Chhattisgarh). The Switchgears division produced according to global standards 36kV medium voltage GIS switchgears for renewable energy the first of its kind to be manufactured in India. These are specially designed to fit at the base of wind turbines and have been approved by Gamesa of Spain. The Switchgears division created mid-mounted vacuum circuit breaker (VCB) panels for exports-and sold these to Paraguay Indonesia Sierra Leone and in Europe. It also received the first GIS export orders from Vietnam and Ukraine. The division manufactured 72kV dead tank breakers for which orders were secured from Latin America and the Caribbean. The Switchgears division designed and manufactured a 60 unit panel switchboard of 7.2kV and 44kA for the Steel Authority of India Limited's Durgapur Steel Plant with MECON (Ranchi) as the consultant. The Switchgears division commissioned 72kV to 145kV GIS switchgears for the Himachal Pradesh SEB (at Shimla) the Uttar Pradesh Power Transmission Corporation Limited (UPPTCL) at Allahabad and Ghaziabad and the Haryana Vidyut Prasan Nigam Limited (HVPNL) at Gurugram. The Switchgears division developed and secured certification for a 245kV GIS switchgear and received the first order for five bays from UPPTCL. In FY 2017 revenue from low tension (LT) motors (LVRM) of CG's Industrial Systems business unit crossed the Rs 1000 crore mark. It produced 2250kVA large alternator a first for CG and for India. CG manufactured large AC motors in India of a frame-size of 500mm. For the railways business FY2017 saw CG achieving its highest ever order input of almost Rs 625 crore representing a growth of 66% over the previous year. It also recorded its highest ever sales of almost Rs 436 crore a 22% growth over the last year. FY 2017 also saw CG securing 100% of the tender quantity for an order worth Rs 82 crore from DMW and another for Rs 89 crore from the Integral Coach Factory in Chennai. The business also received three orders of above Rs 40 crore each from CLW. CG was the first company in India to develop and integrate the `under slung' propulsion system for Indian Railway's 2 x 350HP diesel electric tower car and it was the second company in India to develop and integrate the complete propulsion system for 1600HP AC-AC diesel electric multiple unit. The company successfully completed divestment of its power business in USA comprising its overseas step down subsidiary-CG Power USA Inc. on 31 July 2017 to WEG Electric Corp for an enterprise value of US$31 million. WEG Electric Corp is a nominee of WEG S.A. a Brazilian publicly listed company. Consequently CG Power USA Inc. ceased to be a wholly owned step-down subsidiary of the company and has been renamed as WEG Transformers USA Inc. Further with respect to the company's business in Hungary CG Electric Systems Hungary Zrt. (ESHU) the company's step-down subsidiary and CG International BV the company's subsidiary have inter-alia entered into a Business Transfer Agreement and Share Sale and Purchase Agreement with Ganz Villamossagi Zrt. and Alester Holdings Limited (the Purchasers) for sale of Assets (excluding switchgear business) and Shares of ESHU respectively for an enterprise value of Euro 38 Million with expected completion by 31 March 2018 subject to requisite approvals. Upon request of the Purchasers the completion date has been extended pending the receipt of the requisite approvals. Thereafter the necessary documents for effecting transfer of all the shares of ESHU to the Purchasers have been executed. Considering certain conditions subsequent to be performed between the parties the shares have been held in escrow and will be handed over to the Purchasers upon completion of such conditions. Consequent to this ESHU will cease to be a step-down subsidiary of the company.During the year ended 31 March 2018 CG Power Systems Belgium NV (PSBE) divested its 49% stake in its Joint Venture in Saudi Arabia Saudi Power Transformer Co. Limited. CG Power Solutions Saudi Arabia Co. in which CG Holdings Belgium NV a step down overseas subsidiary of the company holds 51% equity shareholding shall be liquidated upon completion of its open orders. During the year the solutions businesses in US and UK and the switchgear business in Hungary have been phased out. The above divestments are in line with CG Power and Industrial Solutions' strategy to exit from identified geographies/products of its international businesses and focus its synergies on the retained ones including India and Indonesia with the objective of improving the overall operational efficiency reducing debt and for enhancing shareholders' value.During the year under review the company's R&D activities continued to focus on development of indigenous and energy efficient products. One of the significant achievements was the indigenous development and manufacture of 6 MW 6.6 kV vertical motor for Nuclear Power Corporation of India Limited (NPCIL) for use in its nuclear reactor. At present the Company is the sole Indian manufacturer to develop this motor for NPCIL. It has undergone and passed inspection by NPCIL at every stage of development. The Switchgear Division indigenously designed and developed resin impregnated paper (RIP) bushings. RIP bushings are of a dry type without oil encapsulated with composite insulators. In line with the company's objective of offering customer centric and smart products the Company developed a Digital Surge Counter to monitor the health of zinc oxide surge arresters. The product shakes hand with digital technology to measure vital parameters such as total leakage current and total surge counts.There was also the development of 170 kV and 362 kV Externally Gapped Line Arresters which protect transmission lines from lightning and thus improve performance and reliability. The design is such that it can deal with insulation coordination in worst conditions. The Low Tension Motors division of the company developed the entire range of IE3 motors (80-355 frame 0.37 kW to 250 kW) with an enclosure capable of withstanding the pressure of explosive gas and prevent transfer of flames. This division also developed under slung mounted 500 kVA DG sets for Indian Railways in order to utilize the coach onboard space for transporting goods as additional space.During the quarter ended 31 March 2018 the Company examined the recoverability of certain overdue/non-recoverable assets and after this analysis has written these off. These have been accounted for as exceptional items amounting to Rs 443 crore (net) which also include provision for litigation claims.The company's Power Transformers (PT) facility at T1 (Kanjur Marg Mumbai) had several successes in FY 2018 which includes successful short circuit testing at KEMA (The Netherlands) of a 315 MVA/400 kV transformer produced for the Uttar Pradesh Power Transmission Company Limited (UPPTCL). The plant commissioned India's first static synchronous compensator (STATCOM) transformer for PGCIL-through an order from L&T and Siemens. In the course of FY 2018 four such STATCOM transformers were commissioned; eight were supplied; and another four were successfully tested. The T1 plant designed and developed a 25 MVAr 225 kV three-phase variable shunt reactorfor SENELEC in Senegal. The order is for five such reactors. The company's Power Transformers facility at T3 facility at Mandideep achieved its highest ever dispatch of over 100 transformers in FY 2018. During the year under review CG's Switchgears division installed 1 MW rooftop solar panels with associated instrumentation. During the year under review CG became the first Indian enterprise to get an approval from PGCIL for 765 kV bushings. Two such bushings were commissioned in November 2017; and a first order was received for 12 more of these bushings. The Switchgears division was the first to develop and produce a 765 kV current transformer (CT) with indigenous technology. The division developed resin impregnated paper (RIP) bushings upto 145 kV. It produced technologically enhanced EHV current transformers such as 420 kV CTs with composite insulators in line with PGCIL's new specifications; and 420 kV CTs with cast tank for improved aesthetics as well as better performance. The division retrofitted older hydraulic circuit breakers at PGCIL's Dadri sub-station with 400 kV gas circuit breakers. The Switchgears division designed built and successfully supplied feeder remote terminal units (FRTUs) to Torrent Power for Agra and Surat. FRTUs are intelligent electronic devices designed for use in feeder automation. With this CG has entered the area of distribution automation which has large upside potential in the world of smart grids. The division secured the first order from Indian Railways for 13 bays of 72 kV GIS which opens up this product to the railways and the Metro markets and also got approval from the Research Design and Standards Organisation (RDSO) of the Indian Railways for 25 kV 2000 A single pole porcelain clad outdoor vacuum circuit breaker.The Switchgears division produced cost effective designs for 36 kV 26.3 kA 630 A/1250 A single bus GIS; and for 36 kV/40.5 kV 31.5 kA 2500 A AIS vacuum circuit breaker panel enhanced reliability by manufacturing high cantilever 800 kV lightning arrestors as well as 245 kV arc assisted gang operated gas circuit breakers and produced new ranges of 145 kV and 245 kV GIS; and 420 kV 2500 A condenser bushings as well as EHV current transformers with a composite insulator.The Gas Insulated Switchgear (GIS) unit Developed new and unique designs for 245 kV GIS orders from Andritz Hydro (Vietnam) Odessa Energo (Ukraine) and Torrent Power (Surat) created a new market for GIS in West Bengal by securing orders from the West Bengal State Electric Transmission Company Limited (WBSETCL) and came up with a new application that linked a bank of medium voltage GIS with appropriate supervisory control and data acquisition (SCADA) panels for Maharashtra State Electricity Distribution Company Limited (MSEDCL) and the Haryana Vidyut Pariyojana Nigam Limited (HVPNL).During the year under review revenue from motors of CG's Industrial Systems Business Unit crossed Rs 1500 crore mark. In FY 2018 Energy Efficiency Services Limited (EESL) an energy services company of the Government of India to facilitate energy efficient projects put out its largest ever tender worth approximately Rs 215 crore for energy efficient LT motors. CG not only offered bids for all the ranges in the tender but also won 53% of the quantity (63500 units) and 49% (R 107 crore) of the tender value. The Industrial Systems Business Unit tested and successfully dispatched a vertical primary coolant pump HT motor of 6 MW 6.6 kV for NPCIL Rajasthan. This is a primary coolant pump motor fitted inside the nuclear reactor dome and is estimated to have a life of 40 years.The business unit produced and type-tested for construction industry applications (i) liquid cooled motors; (ii) line start permanent magnet; (LSPM) motors that operate at a fixed synchronous speed irrespective of the load; and (iii) gearless traction motors for elevators and lifts. The business unit introduced motors at the new IE4 efficiency level and produced 8-pole motors in the IE2-IE3 range. It also produced drive mounted smart and intelligent motors. The business unit launched IE4 AC motors-both induction and permanent magnet-of frame size varying from 80 mm to 225 mm for industrial applications. CG was the first Indian manufacturer to produce flameproof (FLP) motors with a frame size of 400 mm. In a space of 45 days the Industrial Systems Business Unit developed and supplied underslung 500 kVA alternators for the Indian Railways.CG was the first Indian manufacturer to produce water-cooled LT motors with 25% to 30% enhanced power output. Expanded the range of DC motors to a frame size of 355 mm. CG was the first company in India to manufacture FLP brake motors which has a large market thanks to import substitution possibilities. The business unit also developed a 160 KW motor for electric buses which is under validation by the manufacturer. In the FHP category the business launched (i) 15 cooler fan motors suitable for 89 mm 410 mm and 126 mm fans; (ii) pressure die cast aluminium (PDCA) motors across 10 ratings from 0.12 kW to 3.7 kW; (iii) mild steel sheet body motors from 0.18 kW to 3.7 kW for exports to North and South America; (iv) high torque brushless DC (BLDC) motors of up to 300 rpm for European markets; (v) 500 W and 700 W motors for WILO pumps which is an import substitute; and (vi) 500 W 3000 rpm BLDC blower motor for Indian Railways.The business unit prototyped electric traction motors for propulsion of electrical vehicles. It secured a test order for four 160 kW/215 kW four-pole pad mounted water cooled speed sensor fitted motors for use in an electric bus with a capacity for 26 seating and 21 standing passengers.For the railways business FY 2018 saw CG achieving its highest ever order input of over Rs 917 crore or a growth of 47% over the previous year. It also recorded its highest ever sales of almost R 623 crore representing a 43% growth over the last year. CG received the largest ever single order of 60 sets of AC-AC propulsion system worth Rs 111 crore from the Chittaranjan Locomotive Works (CLW) which represented a 21% share of the total order. It also secured the highest order from CLW and the Diesel Locomotive Works (DLW at Varanasi) for 582 three-phase traction motors valued at Rs 96.3 crore. In addition it received the largest single order of 89 underslung motors for diesel electric tower cars (DETCs) worth Rs 141.7 crore and the highest order from CLW and DLW for 151 loco transformers worth Rs116.4 crore. In June 2018 CG bagged another order of Rs 319 crore for underslung electrics for DETCs.