W Lucy & Co Ltd has today announced it has acquired all CG's equity interests in CG Lucy Switchgear Ltd, an Indian company.
Following the acquisition, the company will be wholly owned by W Lucy & Co Ltd and will form part of the Group's medium voltage, secondary power distribution business unit, Lucy Electric.
The deal forms part of Lucy Electric's strategy to grow its business in developing markets and will allow the company to meet the growing demand for electrical infrastructure equipment and the development of Smart Grid projects in India. CG Lucy Switchgear customers across the region will benefit from the addition of Lucy Electric's product portfolio to the current range, including the extensive range of automation products and services.
Crompton Greaves will continue to distribute RMU products in India.
Commenting on the deal, Richard Dick, Chairman of Lucy Group said: "Having been part of the creation of CG Lucy and seen it grow to become the market leader for ring main units in India, I am pleased that we are now able to fully integrate this as part of our business. Combining the CG Lucy Indian operations and Lucy Electric business will allow us to focus on developing products specifically for the Indian market and bring our knowledge of automation systems to the developing of Smart Grid in India. For our customers in India and across the region it will be business as usual, but they will benefit from an expanded range of products and access to our experienced engineers and extensive range of energy services."
Based in Nasik, India, CG Lucy Switchgear was founded in 1994 as a joint venture between Crompton Greaves Ltd, India and W Lucy & Co Ltd. Today the company is a leading manufacturer and distributor of ring main units (RMUs) and the largest manufacturer of SF6 gas insulated vacuum RMUs in India.