New Delhi : Avantha Group company Crompton Greaves will sell its transmission and distribution (T&D) business outside India to First Reserve International, a US private equity (PE) fund, for an enterprise value of euro 115 million (approximately Rs 851 crore). The stock ended with a sharp gain of 8.81 per cent at Rs 151.85 on BSE. During the day, it jumped 10.17 per cent to Rs 153.75.
“The company has now received and accepted a revised binding letter of offer for acquisition of aforesaid business by First Reserve International Ltd, a US private equity fund, for an enterprise value of euro 115 million,” Crompton Greaves said in a BSE filing.
It further said that, “the sale will enable the company to reduce debt and focus on its faster growing Indian business. The company continues to actively examine its other international B2B businesses (business to business) with a view to monetise.”
