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Business News/ Companies / Crompton Greaves to demerge consumer products business
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Crompton Greaves to demerge consumer products business

Avantha Holdings sold a $139 million stake in Crompton Greaves in November and owned a 34.37% stake at the end of December

A file picture of Laurent Demortier, managing director and chief executive officer of Crompton Greaves.Premium
A file picture of Laurent Demortier, managing director and chief executive officer of Crompton Greaves.

Mumbai: Power equipment maker Crompton Greaves Ltd’s board has approved the proposed demerger of its consumer products business, the company said on Thursday.

“(The board) decided to implement a 100% demerger of the consumer products business, such that the shareholding pattern of the resulting consumer company shall mirror the shareholding pattern of Crompton Greaves," the company said in a statement.

The company, majority owned by Avantha Holdings Ltd, had in July last year proposed a demerger of the consumer products business unit, a move that found favour among investors.

Avantha Holdings sold a $139 million stake in Crompton Greaves in November and owned a 34.37% stake at the end of December, according to Thomson Reuters data.

Crompton Greaves shares closed up 2.72% on Thursday, compared with the benchmark Sensex that rose 0.48%.

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Published: 19 Feb 2015, 05:09 PM IST
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