CROMPTON GREAVES LTD. - Divestment of Shares in CG-Lucy Switchgear Limited
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| 08 Oct 2015 | |
| Crompton Greaves Ltd has informed BSE that the Board of Directors of the Company, has approved divestment of its investment of 600,000 equity shares of Rs.10/- each made in the year 1994 (aggregating to Rs.6 million) in the share Capital of CG Lucy Switchgear Limited (CG-Lucy) to W. Lucy & Co Limited, UK for a consideration of Euro 5.5 million (Equivalent to Rs.402.60 million) and the execution of consequent definitive agreements.<BR><BR>The deal forms part of CG strategy to focus on its B-to-B activity in the power HV sector.<BR><BR>CG Lucy Switchgear Ltd. is a 50-50 manufacturing joint venture between the Company and W. Lucy and Co. Limited, UK. Established in 1994, its factory is situated at Nasik, India and is a manufacturer for Ring Main Units (RMUs) in India. Post divestment, Crompton Greaves Limited will continue to have distributorship of RMUs in India and will also continue to supply vacuum bottles and other products to CG-Lucy. | |
| View all announcements for CROMPTON GREAVES LTD. | Source: BSE India |
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