Crompton Greaves board approves selling Mumbai land for Rs 496 crore

The board of directors, Crompton Greaves, has approved the sale of a portion of the company’s land parcel admeasuring approximately 53,000 square meters situated at Kanjurmarg, Mumbai to Evie Real Estate for an aggregate sum of Rs 496.48 crore. This definitive step has been taken as a part of the company’s continuous asset optimization initiatives.

Crompton Greaves is a pioneer in the management and application of electrical energy along with providing electrical products, systems and services for utilities, power generation, industries, and consumers. The company operates in around 85 countries, with employee strength of more than 15,000.