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© yevhen basov dreamstime.com Business | March 11, 2016

ABB competitor Crompton Greaves sells power business

Equipment manufacturer Crompton Greaves has agreed to sell its international power business to US private equity firm First Reserve International Ltd.
The company has accepted a revised binding letter of offer by First Reserve for the acquisition of its European, North American and Indonesian power businesses, it said in a stock-exchange filing.

“The sale will enable the company to reduce debt and focus on its faster growing Indian businesses. The company continues to actively examine its other international B2B businesses with a view to monetise these businesses to enhance shareholder value."
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