Crompton Greaves : CG announces the sale of Canadian Power Transformer (CPT) Business to PTI Holdings Corporation

CG announces the sale of Canadian Power Transformer (CPT) Business to PTI Holdings Corporation

Mumbai, October 27, 2015: Avantha Group Company CG announces the sale of its Canadian Power Transformer (CPT) business to PTI Holdings Corporation for an enterprise value of Canadian $20 million subject to post-closing adjustments. The structure of the deal and its commercial terms remain subject to applicable regulatory approvals. The transfer of the business will be effective on October 27th.

PTI Holdings Corporation is an innovative leader in the electrical industry, producing some of the most groundbreaking, cost-effective and high quality solutions for transformers globally. The Company currently manufactures and services liquid filled distribution, small and medium size power transformers up to a base rating of 40MVA at 145kV. PTI was recognised as one of Canada's Best Managed Companies since 2008, achieving Platinum Status in 2014.

In 2005, CG attained CPT as part of the acquisition of the Pauwels group. CPT is based in Winnipeg, Manitoba, Canada. It manufactures medium and large power transformers for Utilities across Canada. CPT's manufacturing capacity is 7,200 MVA per year and it employs around 200 people. This acquisition will further reinforce the offerings of PTI and their commitment to further develop the business.

Commenting on the significant development Mr. George Partyka, PTI's CEO said, 'The acquisition of CPT in Winnipeg is one step towards expanding PTI's product and technology portfolio and will help to extend PTI's leadership as innovators in Canadian built transformers and transformer based substation solutions. We are very pleased to welcome all the new employees into our family and look forward to creating more value for our customers'.

Commenting on the divestiture, Avantha Group Company CG's CEO & Managing Director, Mr. Laurent Demortier said, 'I am very pleased with PTI acquiring this business, a renowned manufacturer in Canada. PTI will leverage this asset and will ensure its sustained growth. We thank all the employees and customers who supported the development of CPT in the last 10 years. The divestiture is the second key step in CG`s strategy to refocus its business activity'.

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About CG

Avantha Group Company CG is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into four business groups: Power, Industrial, Automation, and Consumer.

For more information on CG, please visit: www.cgglobal.com

About ZIV

CG, after acquiring ZIV, is the key provider of smart meters in Spain and an important player in the global smart grid market with more than three million smart meters deployed worldwide. Headquartered in Bilbao, Spain, CG hosts the centre of excellence for the development of smart grid solutions commercialised under the ZIV® brand. CG offers ZIV meters, data concentrator units (DCU), distribution automation solutions (DAS) and Substation Automation Systems (SAS).

About Avantha

The Avantha Group`s entities in diversified sectors include Crompton Greaves (power transmission and distribution equipment and services), BILT (paper and pulp), The Global Green Company Limited (food processing), Biltech Building Elements Limited (infrastructure), Avantha Power (energy), Avantha Business Solutions Limited (IT and ITES), Jg Glass (glass containers).

With a global footprint, the Group operates in 90 countries with more than 25,000 employees worldwide.

For more information on Avantha, please visit: www.avanthagroup.com

For further information, please contact:

Ms. Paula Sengupta Global Head - Communications CG (Crompton Greaves Limited) 10th floor, CG House Worli, Mumbai 400 030, India	Mrs. Shravani Dang Vice President & Group Head - Corporate Communications Avantha Group 1st floor, Thapar House 24, Janpath Lane, New Delhi 110 001, India
T : [phone] / 67558771 [e-mail]	Tel (D): [phone] Tel (B): [phone] [e-mail]