Crompton Greaves has said Avantha Power & Infrastructure Ltd (APIL), in which it holds an equity investment of about 23.14 per cent, has signed a memorandum of understanding with Adani Power for 100 per cent sale of APIL's Korba West Power Company Ltd (KWPCL).

KWPCL, a special purpose vehicle of APIL, is commissioning a coal-based thermal power plant of 600 MW.

In a communication to the stock exchange, Crompton said KWPCL is valued at over Rs 4,200 crore.

Ballarpur Industries has also informed the exchanges that the company and its step-down subsidiary, Bilt Graphic Paper Products Ltd, are equity shareholders of APIL and that KWPCL is a subsidiary of APIL.

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