CG Power’s subsidiary completes divestment process
DSIJ Intelligence / 01 Aug 2017
CG Power and Industrial Solutions’ step-down subsidiary, CG Power Systems Belgium NV, has completed the divestment of its power business in the US comprised in its wholly-owned overseas step-down subsidiary
CG Power and Industrial Solutions’ step-down subsidiary, CG Power Systems Belgium NV, has completed the divestment of its power business in the US comprised in its wholly-owned overseas step-down subsidiary, CG Power USA Inc., to WEG Electric Corp., for an enterprise value of USD 37 million.
Consequently, effective July 31, CG Power USA Inc. ceases to be a wholly owned step-down overseas’ subsidiary of the company and has been renamed as WEG Transformers USA Inc. upon completion of the divestment.
The proceeds of the sale will be used to retire a substantial portion of the company’s international debts.
Meanwhile, the stock gained 0.59% at Rs 85.35 per share on the BSE. On NSE the stock attracted a total traded 7,33,632 volume of shares and a traded value of Rs 627.77 lakh.
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