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This is an archive article published on September 4, 2009

Crompton Greaves subsidiary to form JV with Saudi cos

Electrical products maker Crompton Greaves said its subsidiary has entered into an agreement with Saudi Arabia based-EIC Group to form a joint venture company to manufacture transformers.

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Electrical products maker Crompton Greaves said its subsidiary has entered into an agreement with Saudi Arabia based-EIC Group to form a joint venture company to manufacture transformers.

Pauwels Trafo Belgium NV,subsidiary of the company has entered into a definitive memorandum of undertaking with the company,for establishing a joint venture company to manufacture medium power transformers,Crompton Greaves said in a filing to the Bombay Stock Exchange.

The total equity capital of the joint venture company would be USD 6 million (nearly 29.3 crore),out of which the company,through its subsidiary would contribute USD 3.06 million,for a 51 per cent stake,the filing added.

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