Crompton Greaves closes automation business sale to Alfanar

Crompton Greaves (CG) said it has completed sale of its B2B automation business to Saudi Arabia's Alfanar for an enterprise value of euro 120 million (about Rs 845 crore).

"The company along with its subsidiary, C G International BV, has completed the sale with effect from March 6, upon execution of share purchase agreements and other related transactional documents with Alfanar Electric LLC," Crompton Greaves said in a BSE filing.

In November 2016, the company had announced its decision to sell automation business to Alfanar.

Crompton Greaves said "the proceeds of the sale will be used to retire substantial portion of the company's international debt".

"The sale is aligned with the company's overall strategy to focus its synergies on core operations in India," it added.

The stock of Crompton Greaves was trading 2.18 per cent higher at Rs 70.35 on BSE.