UPDATE 1-Advent-led consortium to buy consumer arm of India's Crompton Greaves

April 24, 2015 6:25 AM

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MUMBAI, April 24 (Reuters) - The holding company behind India's Crompton Greaves Ltd has agreed to sell the group's consumer electricals unit for 20 billion rupees ($316 million) to Advent International Corp and a unit of Singapore's Temasek Holdings.

Holding company Avantha and private equity firm Advent said in a statement on Friday the buyers would take a 34.37 percent share, with the remainder to be listed on the market. The deal gives Crompton Greaves Consumer Electricals an enterprise value of 66 billion rupees ($1.04 billion).

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