India, New Delhi: The Avantha Group is selling the industrial division of Crompton Greaves retaining the consumer business.
The conglomerate is negotiating the sale with Nidec Corp. and Minebea Co., two Japanese companies both of which produce machinery and electronics components, and also one US-based company, reports The Economic Times.
Avantha is looking at a valuation of $700-$800 million for the industrial division. There are no official comments from the company as yet on the negotiations.
Source: The Economic Times