Crompton Greaves to sell ‘outside India’ T&D biz to PE

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 851cr). 

"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 on Wednesday. 

In May last year, Crompton Greaves had received non-binding proposals from interested parties to acquire European, North American and Indonesian activities of power division of the company. Crompton Greaves said the transaction is subject to regulatory approval and signing of definitive share purchase agreement.