CG Power and Industrial Solutions Ltd. (formerly Crompton Greaves Ltd.) of the Avantha Group, has announced the sale of its B2B automation business to Alfanar for an enterprise value of €120 million (more than ₹840 crore). The deal is effective March 6. The sale includes ZIV Aplicacionesy Tecnologia, S.L. (Spain), its subsidiaries along with the related automation businesses in the U.K., Ireland, France and India (ZIV). Upon completion of the sale, ZIV Automation India Ltd, the wholly-owned subsidiary owning the India Automation Business will cease to be a subsidiary of the company and will be a wholly owned subsidiary of ZIV Aplicacionesy Tecnologia, S.L, Spain. Headquartered in Riyadh, Alfanar is a major player in the electrical manufacturing business, including the manufacturing of electrical construction products.
