French co buys Greaves gear unit

	Financial Daily from THE HINDU group of publications Tuesday, July 11, 2000

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French co buys Greaves gear unit

Our Bureau

MUMBAI, July 10

SCHNEIDER Electric of France is to acquire the low tension control gear business of Crompton Greaves Ltd. The deal is expected to be completed around September/October 2000, subject to the necessary approval of financial institutions and other statutory approvals.

According to a press release issued by the investment bankers to this deal, Lazard India Ltd, ``as part of its restructuring process, the management of Crompton Greaves Ltd has decided to exit from its low tension control gear business located at Satpur, Nasik, a division of the Power Systems group of the company. The company has signed an agreement with Schneider Electric, France, which will be acquiring the business.''

The release mentions that Schneider Electric is the world's largest company in the low tension business with a global turnover of 55 billions French Francs.