To put things in perspective, the business was housed in Crompton Greaves. As a brand, it is over 80 years old with high levels of equity in categories such as fans, lighting and pumps. Owned by the charismatic Gautam Thapar, the problem stemmed from other group businesses (most notably paper) struggling on the back of high debt from expensive buyouts. There was little option but to put the profit-making Crompton Greaves on the block.
Concluding a buyout isn’t easy and this deal took time before a combination of two private equity (PE) funds—Advent and Temasek—acquired a 34.37 per cent share in the consumer electricals business in April 2015; the rest of the holding was to be listed in the market. This part, for which the outgo was ₹2,000 crore, was now Crompton Greaves Consumer Electricals Limited (CGCEL) with the other to be known as CG Power and Industrial Solutions. In November 2020, CG Power, after being hit by financial irregularities, was bought over by the Chennai-based Murugappa Group for ₹700 crores.
This story is from the January 09, 2022 edition of Business Today.
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This story is from the January 09, 2022 edition of Business Today.
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