CG an­nounces sale of B2B au­to­ma­tion busi­ness to Al­fa­nar

Power Watch India - - DESPATCHES FINANCE -

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.

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