Crompton Greaves (CG), the flagship company of Avantha Group, which is into business of power equipments and consumer durables has acquired Spanish smart grid automation company ZIV Groups for $185 million (Rs. 1015 Crore). The Mumbai based company is India largest and world's 10th largest transmission and distribution equipment maker company. Since 2005, it has acquired 10 companies to expand its business and market and now operates in 21 countries. With this acquisitions, the company has expanded its product portfolio and now broadly operates in three business segments - power systems, industrial systems, and consumer goods.
With its 11th purchase the ZIV group, CG intends to expand business operation into the emerging sector of Smart Grid. ZIV, which provides digital equipment for grid automation and Advanced Metering Infrastructure has so far installed 1.4 million IEDs for utilities and industries across the world. With operations in more than 50 countries, ZIV Group has significant presence in Brazil, Spain, India, and the USA.
The Smart Grid market is set to reach €90 billion by 2020, which represent important market opportunity for emerging company like Compton Greaves which has global ambition to become leader in its segment. Furthermore, its transmission and distribution offerings may well complement with ZIV's grid automation product that will enable the company to offer complete suit of products to its clients.
According to CEO of ZIV Group Mr Norberto Santiago Elustondo, “We feel very confident about the next phase of our relationship with CG as we know very well our colleagues as a result of the Joint Venture in India. This development will be a catalyst to grow the ZIV activities in new parts of the World Market. By this fusion with CG, together we will get the most from ZIV’s innovative technology”.
About Crompton Greaves:
CG is a pioneering leader in the management and application of electrical energy. CG operates globally, is present in 21 countries and employs more than 12000 employees. CG provides electrical products, systems and services for Utilities, Power Generation, Industrial and Consumers. The company is organized into three business groups: Power, Industrial and Consumer. Nearly, two-thirds of its turnover accrues from Product Lines in which it enjoys a leadership position. CG is a part of the US$ 4 Bn Avantha Group. The Avantha Group has an impressive global footprint and comprises 8 successful, diverse entities.