CROMPTON GREAVES LTD. - Divestment of Canadian Power Systems Business

With reference to earlier announcement dated May 28, 2015, wherein Crompton Greaves Ltd had intimated about having received a firm offer for divestment of Companys Power Systems Business in Canada and also authorization in favour of a Committee of Directors ("Committee") to take appropriate next steps in that regard, Crompton Greaves Ltd has now informed BSE that the Committee at its meeting held on October 26, 2015 has approved the sale of Companys Power Systems Business in Canada to PTI Holdings Corporation in a structured deal for an enterprise value of Canadian $20 million subject to post-closing adjustments. Pursuant to the approval of the Committee, a definitive Business Purchase Agreement with PTI Holdings Corporation will be executed on October 26, 2015. As per the agreement, the structure of the deal and its commercial terms remain subject to applicable regulatory approvals.