Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Crompton Greaves Rises After Report of Stake Sale Talks

Don't Miss Out —
Follow us on:

April 16 (Bloomberg) -- Crompton Greaves Ltd. rose to the highest in almost three years in Mumbai trading after a newspaper report the company’s founding family is holding talks to sell its stake to Hitachi Ltd.

Crompton Greaves gained as much as 5.4 percent. The shares rose 2.7 percent to 183.15 rupees as of 1:36 p.m., poised for their highest close since July 2011.

Hitachi is leading the race to buy the stake controlled by the founding family of Crompton Greaves, the Economic Times reported citing two people familiar with the development. The deal will probably value Crompton Greaves, which makes electrical equipment such as transformers and switchgear, at more than $2.5 billion, according to the report.

Crompton Greaves doesn’t respond to “baseless market speculation,” spokeswoman Paula Sengupta said in an e-mail. Yoji Maruo, spokesman at Tokyo-based Hitachi, said the company has nothing to comment on the report.

Crompton Greaves said in exchange filings last month it has not been informed of or is aware of the speculation regarding sale of stake by the founders of the company.

Avantha Holdings Ltd. owns 40.84 percent of Crompton Greaves, Corella Investments Ltd. holds 1.15 percent and Lustre International Ltd. 0.7 percent, according to data compiled by Bloomberg. Gautam Thapar is the founder and chairman of the Avantha Group, which controls businesses including paper and pulp, food and utilities, according to its website.

To contact the reporter on this story: Anurag Kotoky in New Delhi at

To contact the editors responsible for this story: Anand Krishnamoorthy at Suresh Seshadri, Subramaniam Sharma

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.