India, Mumbai: Electrical equipment and transformer manufacturer Crompton Greaves Ltd has agreed to sell its international power business to the U.S. private equity firm First Reserve International Ltd for an enterprise value of €115 million ($126 million), according to VC Circle.

CG to sell overseas power business for $126M

India, Mumbai: Electrical equipment and transformer manufacturer Crompton Greaves Ltd has agreed to sell its international power business to the U.S. private equity firm First Reserve International Ltd for an enterprise value of €115 million ($126 million), according to VC Circle.

The company has accepted a binding letter of offer from First Reserve for the acquisition of its European, North American and Indonesian power businesses.

The offer is subject to regulatory and shareholder approvals and signing of a definitive agreement.

Source: VC Circle