CG Power and Industrial Solutions sells 51 pc stake in Indonesian arm

New Delhi, Mar 5 (PTI) CG Power and Industrial Solutions on Thursday said it has agreed to sell 51 per cent equity stake in Indonesian arm PT Crompton Prima Switchgear Indonesia (CPSI) to the joint venture partner PT Prima Layanan Nasional Enjiniring.

CPSI was established as a venture between CG International Holdings Singapore Pte Ltd (CGS), a wholly-owned foreign subsidiary of CG Power and Industrial Solutions Ltd and PT Prima Layanan Nasional Enjiniring (PLNE), Indonesia, holding 51 per cent and 49 per cent respectively of CPSI.

CGS has entered into a conditional share purchase agreement with PLNE, wherein PLNE has agreed to purchase the shares representing 51 per cent of the paid-up share capital held by CGS of CPSI for a consideration of IDR1 (One Indonesian Rupiah), according to a regulatory filing.

As per the said agreement, upon closing, the CPSI will cease to be a subsidiary of CGS and a step-down subsidiary of the company.

There will be no adverse financial impact in the financial statements on account of the said transaction, it added.

The expected date of completion of the sale/ disposal is March 31, 2026.

The buyer does not belong to the Promoter/ Promoter Group or any group companies.

Earlier on February 25, 2026, the company had informed the bourses about the sale of all the factory assets (Land, Plant and machinery, furniture, equipment etc) by PT Crompton Prima Switchgear Indonesia to PT Prima Layanan Nasional Enjiniring. PTI KKS DRR