Stalwart Advisors

CG to sell automation arm for Euro 120 mn

As part of on-going restructuring, CG had put its ZIV business on the block as reported in previous updates.

The company has now found a buyer and entered in a binding agreement with Saudi Arabian company Alfanar, a dominant player in electrical manufacturing business with $2.5 bn turnover with presence across Middle East, Asia and Europe.

The transaction is done at an enterprise value of Euro120 mn and is expected to be completed by 31st January 2017.

Also, the completion for Share Purchase Agreement with regards to sale of T&D business to First Reserve, has now been pushed by a month to 30th November 2016.

These two are major developments and bode very well for the company both from balance sheet perspective as it will make it debt-free as well as ability to bring entire focus back to domestic operations.

Source: http://corporates.bseindia.com/xml-data/corpfiling/AttachLive/F348819B_B470_48CD_9F01_AA94BF5D0659_141703.pdf


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