Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
India : Crompton Greaves signs deal with Karma Industries
Publish Date : 15-Jan-2013
Crompton Greaves inked a definitive agreement with Karma Industries to buy its Compact Fluorescent Lamps (CFL) business for R14.5 Cr. The acquisition will double the Crompton Greaves capacity in the fast-growing CFL lighting segment by strengthening its presence in Indian consumer market.
Karma Industries manufacturing facility is spread across 4500 sqm based in Baddi (Himachal Pradesh). It has the capacity to produce 2 million lamps per month. It employs 51 people. Karma Industries trades in steel products, mainly mild-steel (MS) angles, MS channels, MS plates and thermo-mechanically treated (TMT) bars.
Crompton Greaves was established in 1937. Crompton Greaves is part of the Avantha Group. It designs, manufactures and markets electrical equipment, and products and services related to power generation, transmission and distribution.
The company has 4 business lines - power systems, industrial systems, automation and consumer products. It has manufacturing bases in Belgium, Canada, Hungary, Indonesia, Ireland, France, UK and US along with over twenty manufacturing locations in India.
Crompton Greaves made series of acquisitions overseas like ZIV Group for Euro 150 Mn, QEI Inc, provider of SCADA and automation systems for $30.0 Mn and Emotron Group, a power electronics and engineering company, for $82.3 Mn (57.8 Mn Euros).
In September 2012, HSBC Global Investment Funds has raised its stake in Crompton Greaves from 1.29% to 2.68% through bulk deal on BSE for R92.73 Cr. In August 2012, Avantha Group - the parent group of Crompton Greaves was in talks to raise R1250 Cr from TPG Capital.
