Crompton Greaves said that this is further to communication dated May 9th, 2016, announcing the execution by the Company, along with its subsidiaries, CG International BV and CG International Holdings Singapore PTE Ltd, a Share Purchase Agreement (SPA) with Pauwels Spaco Limite (Buyer) – an SPV of First Reserve, for the sale of the Company’s Power Business in Europe, North America and Indonesia, envisaging Completion by October 31st, 2016.
The Company stated that pending the fulfillment of the certain Conditions Precedent to the SPA, it has been mutually agreed to extend the Completion to November 30th, 2016.
The Company has made progress on the identification of potential investors / buyers for its international B2B Automation business as already communicated on May 9th, 2016. Further announcements in this regard will be made as and when considered appropriate by the Company and its Board of Directors.
The above strategic actions are intended to meet the Company’s objective of debt reduction, and on focusing on its core operations in India which provide a significant growth opportunity. Besides, we believe this restructuring improves the Company’s Balance Sheet and enhances Shareholder’s value.”