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A step-down subsidiary of CG Power and Industrial Solutions has completed divestment of its power business in the US to WEG Electric Corp for an enterprise value of USD 37 million.
CG Power and Industrial Solutions said in a BSE filing that “We wish to inform you that the company’s step-down subsidiary CG Power System Belgium NV completed the above divestment on July 31.”
Upon completion of the divestment, CH Power USA has ceased to be a wholly owned step-down overseas arm of the company and has been renamed as WEG Transformers USA Inc.
The company has said that the proceeds of the sale will be used for retiring substantial portion of its international debt.
