Crompton Greaves Ltd, the flagship company of Gautam Thapar-promoted Avantha Group, has acquired Spain’s ZIV Group for an enterprise valuation of €150 million ($185 million or Rs 1,015 crore) in yet another overseas acquisition of the capital goods maker.
This acquisition expands the company’s portfolio for power system automation and protection, and will create a strong platform for the firm in the smart grid arena, as per a BSE filing.
Set up in July 1993, ZIV Group focuses on smart grid and automatic solutions, and manufactures digital equipment and systems for industrial and utilities companies. It operates across 50-plus countries with key operations in Brazil (Rio de Janeiro), India (Bangalore), Spain (Barcelona, Bilbao, Madrid) and the US (Chicago). The company has installed more than 1.4 million intelligent electrical devices (IEDs) for utilities and industries across the world.
Mumbai-based Crompton Greaves focuses on global power transmission and distribution, and it is among the world’s top 10 transformer manufacturers. The company operates three business groups – power systems, industrial systems and consumer products.
This is the 11th acquisition by the firm since 2005. In May 2011, Crompton Greaves acquired QEI Inc (a company providing automation systems and products for power transmission and distribution) for $30 million and Emotron AB (a manufacturer of drive solutions) for $82.37 million.
(Edited by Sanghamitra Mandal)