CG announces sale of B2B automation business to Alfanar
Avantha Group Company, CG Power and Industrial Solutions Ltd (Formerly Crompton Greaves Ltd) announces the sale of its B2B Automation business to Alfanar (the buyer) for an enterprise value of 120 million Euros. Transfer of the business is effective from March 2017 (CET). Sale of the automation business includes ZIV Aplicaciones y Tecnologia, SL (Spain), its subsidiaries along with related automation businesses in UK, Ireland, France and India (ZIV). Upon completion of the Sale, ZIV Automation India Ltd, the wholly-owned subsidiary owning the India automation business will cease to be a subsidiary of the company and will be a wholly-owned subsidiary of ZIV Aplicaciones y Tecnologia, SL, Spain. Headquartered in Riyadh, Saudi Arabia, with 22,000+ employees and USD 2.5 billion turnover, Alfanar is a major player in the electrical manufacturing business, including the manufacturing of electrical construction products as well as related engineering services.