CG Power looking to sell its overseas assets
India: CG Power and Industrial is looking to bundle its overseas assets into a separate entity to sell it to strategic investors.
The manufacturer of power and distribution transformers is valuing its global assets at around $250 M.
“CG Power has held talks with some Japanese and European companies for the same,” said a person with direct knowledge of the development. “It (sale of some of the overseas assets) will be purely used to settle some of the overseas debt and payables,” said another person involved in the process.
CG Power’s product portfolio includes transformers, switchgear, circuit breakers, network protection & control gear, project engineering, HT and LT motors, drives, power automation products and turnkey solutions in all these areas.
During its expansion spree, the company acquired some international companies across the world such as Pauwels, Ganz, Microsol, Sonomatra, MSE and PTS. It has manufacturing bases in Belgium, Hungary, Indonesia, Ireland, France, UK and US that bring in about 70 % of the company’s consolidated revenues.
Source: Economic Times