India: Electrical equipment maker Crompton Greaves sells entire stake in JV firm for $6m

Visual from Crompton Greaves website

Electrical products maker Crompton Greaves, part of Gautam Thapar-promoted Avantha Group, has divested its entire 50 per cent stake in joint venture (JV) firm CG Lucy Switchgear Ltd to its partner W Lucy & Co Ltd for $6 million (about Rs 40.26 crore).

CG Lucy Switchgear is a 50:50 manufacturing JV between Crompton Greaves and UK-based W Lucy and Co Ltd. Established in 1994, the JV company has a factory in Nasik which makes ring main units (RMUs) for the Indian market.

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