Crompton Greaves takes over US firm

Electrical equipment maker Crompton Greaves has revealed that it has acquired US-based MSE Power Systems for $16 million (about Rs 73.41 crore).

The source close to the company stated that the acquisition would not only strengthen company's presence in the overseas business arena, but it would also help the conglomerate to get foothold in the growing renewable energy (wind) segment.

MSE Group participates in engineering, procurement and construction (EPC) of high voltage electric power systems.

In the profit and loss account, the company has posted a net profit of Rs 313 crore for annual ending March 2008, and Rs 88 crore for quarter ending June 2008.

Stock of Crompton Greaves has shown down trend in the market and ended the day at Rs 247, down 1.69 per cent on National Stock Exchange. The total volume of share traded was 451,703 at NSE.

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