CG Power and Industrial Solutions Limited, also known as Crompton Greaves Limited, is an Indian multinational company engaged in design, manufacturing, and marketing of products related to power generation, transmission, and distribution, as well as rail transportation. The company is based in Mumbai and has been part of the Chennai-based Murugappa Group since 2020, when it was acquired from the Avantha Group.[2] The company was restructured in 2016 following the demerger of its consumer goods business.[3]
History
Col. R. E. B. Crompton founded R.E.B. Crompton & Company in 1878. The company was merged with F.A. Parkinson in 1927 to form Crompton Parkinson Ltd. Greaves Cotton and Company, established by James Greaves in 1859, was appointed as their concessionaire in India.[4]
The company was incorporated on 28 April 1937 as Crompton Parkinson Work Private Limited. In 1947, it was acquired by Karam Chand Thapar of Thapar Group. The company went public in 1960 and changed its name to Crompton Greaves Limited in 1966.[5][6]
The company in Cold War era collaborated with the USSR and the Eastern Bloc for technology transfer of new electrical technologies.
In July 2014, Crompton Greaves Limited announced plans to demerge the company in order to separate its consumer goods business from the power and industrial systems segment.[7][8] The demerger was completed in 2016 with the listing of Crompton Greaves Consumer Electricals Limited (CGCEL) and Gautam Thapar selling his 34% stake in CGCEL to Advent International and Temasek Holdings for ₹ 2,000 crore.[9][10]
In January 2017, Crompton Greaves changed its name from Crompton Greaves Limited to CG Power and Industrial Solutions Limited.[11]
In August 2019, CG Power and Industrial Solutions reported that its employees had carried out unauthorised transactions resulting in an "understatement of the company's liabilities" by thousands of crores in the previous financial year.[12][13]
In September 2020, Murugappa Group's Tube Investments acquired a 56% stake in CG Power and Industrial Solutions for ₹ 700 crore.[14]
Products and services
- MV Switchgear
- VCB, PCVCB, GIS & RMU, all Rail Transportation Equipments like Traction Motors, Converters, cubicles, Relays, Point machines etc.[15]
Awards
- Received NABL accreditation for 5 of its labs & 1 calibration lab.[16]
External links
References
- Statement of Consolidated Audired Financial Results for the Quarter and Year Ended 31st March, 2015 cgglobal.com^
- Abhijit Ahaskar. Murugappa Group led Tube Investments to acquire 56% stake in CG Power mint, 2020-08-08, retrieved 2020-09-16^
- Crompton Greaves Shares Tank 74% Ex-Demerger NDTV.com, retrieved 10 November 2020^
- CG HERMON-TAYLOR. A company view Industrial and Commercial Training, January 1975^
- Crompton Greaves seeks shareholders nod to change name mint, 23 December 2016, retrieved 10 November 2020^
- 70 companies with pre-1947 roots mint, 17 August 2017, retrieved 10 November 2020^
- Krishna Merchant. Crompton Greaves shares discount value unlocking from demerger mint, 20 July 2014, retrieved 10 November 2020^
- Vatsala Kamat. Crompton Greaves improves demerger plan of consumer goods business mint, 24 March 2015, retrieved 10 November 2020^
- Crompton Greaves Consumer Electricals lists on bourses today, shares up The Financial Express, 13 May 2016, retrieved 10 November 2020^
- Jyotindra Dubey. The downfall! How this iconic Delhi business empire went bust The Economic Times, retrieved 10 November 2020^
- Crompton Greaves gets shareholders' nod to change name The Economic Times, retrieved 10 November 2020^
- CG Power reports massive fraud Business Line, retrieved 10 November 2020^
- Vatsala Kamat. For CG Power, the trouble started long before it reported serious lapses mint, 21 August 2019, retrieved 10 November 2020^
- Abhijit Ahaskar. Murugappa Group led Tube Investments to acquire 56% stake in CG Power mint, 8 August 2020, retrieved 10 November 2020^
- Products and Services retrieved 6 January 2012^
- Awards retrieved 22 December 2011^