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 Corporate - Restructuring


Greaves shareholders nod for gear unit sale

Our Bureau

Mumbai April 20

THE shareholders of the B M Thapar-controlled engineering company, Greaves Cotton Ltd, have approved the company's decision to sell its undertakings engaged in the business of manufacture and sale of power transmission products.

The company has signed a memorandum of understanding with Premium Energy Transmissions for sale of its gears business for Rs 72 crore. Its gears and couplings manufacturing units are located at Chinchwad (Pune), Falta (West Bengal) and Aurangabad. This decision forms part of the company's financial and business restructuring programme, which envisages selling off its non-core businesses.

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