CGL concludes arrangement of acquisition of Microsol Holdings

Mumbai, May 28 (UNI) Crompton Greaves Limited (CGL) has concluded an arrangement for acquisition of Microsol Holdings (MHL) together with other companies in the Microsol Group at an approximate enterprise value of 10.50 million Euro.

MHL, based in Ireland with operations in UK, USA and Ireland; is engaged in the business of providing sub-station automation for utility industry including MV and HV sub-stations, with respect to both new sub-stations as well as retro-fitting solutions for existing sub-stations.

The approximate enterprise value of the acquisition is Euro 10.50 million. The acquisition will increase Crompton Greaves strengths in the area of high-end engineering and sub-station automation capabilities, the company said in a disclosure to the Bombay Stock Exchange (BSE) today.

CGL is mainly engaged in the manufacture, distribution and sale of electrical and electronic equipment systems. It makes a wide range of transformers, switchgear, motors, lighting products, fans, railway-signaling equipment, and undertakes turnkey engineering projects.

Reacting to the corporate development, Shares of the company were seen traded higher by Rs 2.15 at Rs 228 from the previous finish.

UNI