Crompton Greaves, the Indian multinational group, has announced its intention to sell its overseas power business to a US private equity fund for an enterprise value of $126.1m, in order to pay down debts and invest in faster growing Indian businesses.
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The Mumbai-based company said it would sell its transmission and distribution business in Europe, North America and Indonesia to First Reserve International Ltd, adding it was looking to offload more assets.

In February, Crompton Greaves, which makes power generation and transmission equipment, fans and air coolers posted a loss for the three months to Dec. 31.