CG Power and Industrial Solutions

Last updated

CG Power and Industrial Solutions Limited
Type Public
BSE:  500093
NSE:  CGPOWER
IndustryElectrical
Founded1937
Founders R. E. B. Crompton
James Greaves
Headquarters
Mumbai, Maharashtra
,
India
ProductsTransformers, pump, HT & LT Motors, DC Motors, Railway Signaling
Revenue ₹ 14,013 crore (US$1.8 billion) (2015) [1]
Parent Murugappa Group
Website cgglobal.com

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 & Rail Transportation. It is based in Mumbai and is a part of the Murugappa Group since 2020, who acquired it from the Avantha Group. [2] The company was restructured in 2016 following the demerger of its consumer goods business. [3]

Contents

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 & Services

Awards

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References

  1. ↑ http://www.cgglobal.com/pdfs/Aud-FinRes-consolidated_1415.pdf Archived 25 November 2017 at the Wayback Machine [ bare URL PDF ]
  2. ↑ Ahaskar, Abhijit (8 August 2020). "Murugappa Group led Tube Investments to acquire 56% stake in CG Power". mint. Retrieved 16 September 2020.
  3. ↑ "Crompton Greaves Shares Tank 74% Ex-Demerger". NDTV.com. Retrieved 10 November 2020.
  4. ↑ HERMON‐TAYLOR, CG (January 1975). "A company view". Industrial and Commercial Training. 7 (1): 11–13. doi:10.1108/eb003440. ISSN   0019-7858.
  5. ↑ "Crompton Greaves seeks shareholders nod to change name". mint. 23 December 2016. Retrieved 10 November 2020.
  6. ↑ "70 companies with pre-1947 roots". mint. 17 August 2017. Retrieved 10 November 2020.
  7. ↑ Merchant, Krishna (20 July 2014). "Crompton Greaves shares discount value unlocking from demerger". mint. Retrieved 10 November 2020.
  8. ↑ Kamat, Vatsala (24 March 2015). "Crompton Greaves improves demerger plan of consumer goods business". mint. Retrieved 10 November 2020.
  9. ↑ "Crompton Greaves Consumer Electricals lists on bourses today, shares up". The Financial Express. 13 May 2016. Retrieved 10 November 2020.
  10. ↑ Dubey, Jyotindra. "The downfall! How this iconic Delhi business empire went bust". The Economic Times. Retrieved 10 November 2020.
  11. ↑ "Crompton Greaves gets shareholders' nod to change name". The Economic Times. Retrieved 10 November 2020.
  12. ↑ "CG Power reports massive fraud". Business Line. Retrieved 10 November 2020.
  13. ↑ Kamat, Vatsala (21 August 2019). "For CG Power, the trouble started long before it reported serious lapses". mint. Retrieved 10 November 2020.
  14. ↑ Ahaskar, Abhijit (8 August 2020). "Murugappa Group led Tube Investments to acquire 56% stake in CG Power". mint. Retrieved 10 November 2020.
  15. ↑ "Archived copy". Archived from the original on 25 January 2022. Retrieved 6 January 2012.{{cite web}}: CS1 maint: archived copy as title (link)
  16. ↑ "Archived copy". Archived from the original on 14 March 2022. Retrieved 22 December 2011.{{cite web}}: CS1 maint: archived copy as title (link)


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