New Delhi, March 5 CG Power and Industrial Solutions announced on Thursday that it has agreed to sell a 51% equity stake in its Indonesian arm, PT Crompton Prima Switchgear Indonesia (CPSI), to its joint venture partner, PT Prima Layanan Nasional Enjiniring.
CPSI was established as a joint 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, which hold 51% and 49% respectively of CPSI.
CGS has entered into a conditional share purchase agreement with PLNE, wherein PLNE has agreed to purchase the shares representing 51% of the paid-up share capital held by CGS of CPSI for a consideration of IDR1 (One Indonesian Rupiah), according to a regulatory filing.
According to the agreement, upon completion, CPSI will cease to be a subsidiary of CGS and a step-down subsidiary of the company.
The transaction will have no adverse financial impact on the financial statements, 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.
