Friday, Mar 29 2024 | Time 10:59 Hrs(IST)
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Business Economy


CG Power and Industrial Solutions sells Hungary Business to Ganz Villamossagi Zrt and Alester Holdings Limited

Mumbai, Jul 23 (UNI) CG Power and Industrial Solutions Ltd said that
it has sold the assets and shares of the company's business in
Hungary (excluding switchgear business) owned by the Company's
subsidiary, CG Electric Systems Hungary Zrt (ESHU) at an Enterprise
Value of Euro 38 million to Ganz Villamossagi Zrt and Alester
Holdings.
Consequent to the above, ESHU ceases to be an overseas subsidiary of
the Company.
None of the Buyer belong to promoter group / group companies and the
above sale is not a related party transaction.
The above sale is in line with the Company's stated strategy of
reducing debt and focusing on core operations in India, besides
enhancing shareholders value.
UNI JS NV PS 1410
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