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Argus, AZB on Rs 400m Cromton Greaves disinvestment

Argus Partners advised electric goods maker Crompton Greaves on its Rs 400m buyout out of joint venture (JV) CG Lucy Switchgear by JV partner W Lucy & Co. W Lucy was advised by AZB & Partners.

Argus partner Adity Chaudhury and senior associate Megha Saraf acted for Crompton Greaves.

AZB partner Nilanjana Singh acted for W Lucy.

Economic Times quoted Compton Greaves Chief Executive Officer and Managing Director Laurent Demortier as saying, “We believe that W Lucy is the best potential owner for ensuring a long term future for CG-Lucy. Combining the CG Lucy Indian operations and Lucy Electric business will allow CG-Lucy to focus on developing products specifically for the Indian market and expand its offering within the MV sector”.

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