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1. Crompton Greaves sells business arm for 115 million Euros
09.03.2016
Engineering
company Crompton
Greaves today stated
that it has sold its
international
transmission and
distribution (T&D)
business for 115
million Euros
(Approximately Rs
851 crore) to First
Reserve
International.
The international
transmission and
distribution (T&D)
business was a cause
of grave concern for
the company
with total
outstanding loans
pegged at Rs 1,600
crore. This had resulted in a net debt of Rs 900 crore for the company.
The statement released by the company stated – “The sale will enable the company to reduce debt
and focus on its faster growing Indian businesses.”
At 3.11 pm, the shares of the company were up 7.64 percent to Rs 150.10
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