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CG Power May Sell Its Stake In The Company

Gautam Thapar, leading CG Power and Industrial solutions, was in talks of selling stakes in the organization.
BY BEx Bureau
BusinessEx
Feb 26, 2019

CG Power and Industrial solutions, a Mumbai based-company is in talks to sell its shares in the organization, as reported by the Indian daily newspaper, The Economic Times.

The report suggests that Gautam Thapar, Chairman of CG Power and Industrial Solutions, was in touch with KKR as well as other PE players in terms of selling the manufacturing unit.

CG Power and Industrial Solutions trade in power transformers and records, switch gears, and records. Further, it caters end-to-end user solution to companies as well as its customers.

Following the dip of 13.50 per cent in the shares on Tuesday, the shares traded 2.86 per cent downward at INR 30.60 around 12.42 PM.

Until December 31, 2018, the promoters held 34.42 per cent stake in CG Power and Industrial Solutions limited, formerly known as Crompton Greaves. From March 2017 onwards, the lenders pledged 100 per cent holdings of the promoter.

The consolidated loss of CG Power amounts INR 150.18 crore for FY18 Quarter 3. In the same period in 2017, the manufacturing unit reported a net loss of INR 28.23 crore, the company stated in BSE filing. Nonetheless, the income of the company increased in FY19 Q3 to INR1, 730.99 crores from the earlier, INR 1,536.89 crore.

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