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Centum Electronics Limited has announced the divestment of the energy division of its subsidiary in France Centum Adetel Group (CAG) for a total consideration of Euro 9.8 million to Chauntie Electric (Tianjin) Co, Ltd.
The company told exchanges that “the French subsidiary has received 65 per cent of the amount, Euro 6.37 million and the remaining 35 per cent will be received after a transition period of 2 years.”
CAG is a subsidiary of Centum Electronics Limited with operations in France, Belgium and Canada. CAG is in the business of delivering engineering services and product solutions to customers in defence and aerospace, medical, automotive, industrial and transportation segments.
The energy division of Centum Adetel Group has been delivering energy conversion and storage systems to international train manufacturers.
Chauntie Electric (Tianjin) Co, a corporation incorporated under the laws of the People’s Republic of China, is engaged in the business of transportation and railway products.
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