CG sells T&D business for EUR 115 mn
Engineering firm Crompton Greaves (CG) sold its international transmission and distribution (T&D) business to First Reserve international for EUR 115 million or about Rs.851 crore.
In a release to the exchanges, CG explained that the sale will enable the company to reduce debt and focus on its faster growing Indian businesses.
The international business had been a pain point to the company, with its total outstanding loans amounting to Rs.1,600 crore - the company´s net debt is Rs.900 crore. Consequently, CG´s valuations were seen to have taken a knock.
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