Crompton Greaves Ltd proposes to divest its entire stake in consumer electrical unit for 20 billion rupees ($316 million) to a special purpose vehicle managed by Advent International Corp and a unit of Singapore's Temasek Holdings, the company said in a statement on Friday.
A consortium led by U.S. private equity firm Advent International Corp is set to buy the consumer products business of Crompton Greaves for up to $350 million, two sources directly involved in the deal told Reuters earlier.
The board of Crompton Greaves, a conglomerate whose activities stretch from power transmission equipment to fans and air coolers, approved a plan in March to hive off its consumer products business into a separately listed company.
($1 = 63.2329 Indian rupees)