Crompton Greaves Limited (CG), electrical equipment manufacturer and part of the diversified industrial conglomerate Avanta Group yesterday said that it has acquired UK-based Power Technology Solutions (PTS) for approximately £30 million (Rs202 crore).
Stockport, England-based PTS is an electrical engineering company providing a comprehensive range of engineering services to regional electricity companies in the UK high voltage electrical power systems industries – including the major utilities / distribution network operators, heavy industrial users, major switchgear manufacturers and contractors.
Mumbai-based Crompton Greaves is part of the $4-billion Avanta Group, an industrial conglomerate with operations in over 10 countries. CG is engaged in design, manufacture and marketing of electrical products and services for power generation, transmission and distribution, besides executing turnkey projects.
Through the acquisition of PTS, CG expects to become a significant player in the engineering, procurement and maintenance (EPM) of electrical systems in the UK and gain access to newer markets.
The approximate enterprise value of this acquisition is £30 million, the company said.
The acquisition is part of the company's strategy to achieve a revenue goal of $8 billion by 2015.