Crompton Greaves Ltd has announced that through its subsidiary CG Holdings Belgium NV, has entered into one more Definitive Memorandum of Undertaking with the EIC Group, headquartered in Saudi Arabia, for establishing a second Joint Venture Company for consolidating its business presence in the EPC segment in Middle East countries.
It is estimated that the total equity capital of this second Joint Venture Company will be US$3 mn, out of which, Company's shareholding will be US$1.53 mn, for a 51% shareholding.
This Joint Venture in the EPC segment will support Company's earlier Joint Venture with the EIC Group, for the manufacture of medium power transformers in Saudi Arabia which was notified on September 03, 2009.
Crompton Greaves is a flagship company of the US$4bn Avantha Group led by Gautam Thapar.