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CG selling its power transformer business in Canada

12/27/2015

 India, New Delhi: Crompton Greaves (CG) is selling its power systems business in Canada to PTI Holdings Corporation for USD 15 million (CAD 20 million).

In a filing to the Bombay Stock Exchange, the company said that its panel of directors at the meeting of 26 October 2015 approved sale of its power systems business in Canada to PTI Holdings Corporation in a structured deal for an enterprise value of USD 15 million, reports The Economic Times.

Power Systems is the largest business of CG which includes the business area related to transformers, switchgear, circuit breakers, substation projects and more. After the sale in Canada, the business now has facilities in Belgium, Canada, Hungary, India, Indonesia, Ireland, France, UK and USA.

Source: CG