CG Power sells automation biz to Alfanar for Rs 845 Cr

CG Power and Industrial Solutions Limited, formerly Crompton Greaves Limited, announced the sale of its B2B automation business to Alfanar for an enterprise value of 120 million Euros (about Rs 845 crore).

The transfer of the business is effective from March 6, 2017 (CET). The sale of the Automation business includes ZIV Aplicaciones y Tecnologia, S.L. (Spain), its subsidiaries along with the related Automation businesses in UK, Ireland, France and India (ZIV). Upon completion of the Sale, ZIV Automation India Ltd, the wholly owned subsidiary owning the India Automation Business will cease to be a subsidiary of the Company and will be a wholly owned subsidiary of ZIV Aplicaciones y Tecnologia, S.L, Spain.

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