Mumbai, Feb. 25
CROMPTON Greaves has announced the acquisition of the transformer businesses owned by the Pauwels Group of Belgium for Euro 32.1 million (Rs 180 crore) on Friday. The acquired operations are located across Belgium, Ireland, Canada, the US and Indonesia.
According to a release, Mr S.M. Trehan, Managing Director, Crompton Greaves said, "This acquisition is a significant milestone in our overall growth strategy, especially in the international markets."
The sales turnover of the Pauwels Group for the year ended December 31, 2004, was about Euro 257 million. For the year ended March 2004, Crompton Greaves achieved a turnover of Rs 1,861 crore and a net profit of Rs 71 crore.