Crompton Greaves Signs Share Purchase Pact with US-Based First Reserve – Feedback

Avantha group firm Crompton Greaves on Monday said it has signed a share purchase agreement with First Reserve International, a US private equity fund, for an enterprise value of 115 million euros (about Rs 851 crore).

“The company along with its subsidiaries CG International BV and CG International Holdings Singapore PTE Ltd, have signed a share purchase agreement with Pauwels Spaco Ltd – an SPV of First Reserve for the acquisition,” Crompton Greaves said in a regulatory filing. “The SPV envisages completion of the transaction by October 31, 2016, subject to shareholder and regulatory approvals,” it further said. In March, Crompton Greaves said it will sell transmission and distribution (T&D) business outside India to First Reserve International, a US private equity (PE) fund, for 115 million euros (approximately Rs 851 crore) after accepting a revised binding letter of offer for acquisition of aforesaid business by First Reserve International Ltd.

http://profit.ndtv.com/news/corporates/article-crompton-greaves-signs-share-purchase-pact-with-us-based-first-reserve-1404567

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