New Delhi : Electrical appliances major Crompton Greaves Limited (CG), part of the US$ 4 bn Avantha Group, on Friday announced that the company, has entered into Joint Venture Agreement (JV) with the Spain based ZIV Aplicaciones y Tecnologia (ZIV) to set up a JV company in India.
The JV company will manufacture Substation Automation Systems for Substations in EHV and UHV range, including protective relays, differential relays, bay control units, bus-bar systems and substation units, etc.
The estimated total equity capital of this JV Company will be Rs.100 mn, out of which CG?s shareholding will be Rs. 70 mn for a 70% shareholding.
S.M. Trehan, Managing Director, Crompton Greaves Ltd. said, ?This JV is another step towards establishing CG as a full solutions provider company. Our partnership with ZIV will offer our valued customers a combination of European expertise with unmatched solutions and service standards.?
ZIV is a key player in serving the needs of the electrical industry in Protection, Control, Measurement and Communications through customer oriented solutions in over 50 countries.