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Crompton Greaves announced sale of foreign transformer business

6/10/2015 Business Standard

 India, Kerala: While announcing its fourth quarter results last week, Crompton Greaves announced that it would sell the foreign power business, including foreign transformer business.

The company started expanding outside India in 2005 with the acquisition of Pauwels, a Belgian transformer manufacturer, followed by manufacturing business in Hungary, Ireland, France, the US, Canada and Sweden, reports Business Standard.

Last week, CG said it had received non-binding proposals for acquisition of the power business in Indonesia, Europe, the US and Canada, which have been reviewed and a committee of directors has been constituted to take next steps.

Crompton explained the company wants to exit these businesses and focus on the profitable domestic business to business segments, feeling less reliant on these subsidiaries after it has consolidated the 765 kV transformer technology in India.

Source: Business Standard