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| Edited By: Our Bureau |Source: DNA |Updated: Mar 18, 2018, 02:22 AM IST
Crompton Greaves, part of the Gautam Thapar-owned Avantha group, is looking to acquire energy management firm Landis+Gyr, according to media reports on Friday.
Landis, headquartered in Zug, Switzerland, has appointed JP Morgan, Credit Suisse and Lazard for the sale, the report added.
DNA could not independently verify the veracity of the story.
The Swiss firm’s product offerings include smart meters, which help in increasing energy efficiency.
Thomas Zehnder, vice-president, group communications, Landis+Gyr, in an emailed response said the company does not comment on rumours. “In addition, we do not disclose partners and advisors,” he wrote.
News agency Dow Jones Venturewire had last week reported that privately-held Landis is considering a dual-track listing on the New York Stock Exchange and a possible sale.
An email sent to Sudhir Trehan, managing director of Crompton, went unanswered.
Crompton’s last acquisition, also its sixth since 2005, was UK-based electrical engineering firm Power Technology Solutions (PTS) for Rs204 crore almost a year back.
Crompton had earlier bought Belgium-based Pauwels, Hungary’s Ganz, Irish-based Microsol Holdings and Sonomatra of France.
Crompton has always maintained that it keeps looking for acquisition opportunities. Trehan in late 2009 said the company was eyeing a $300-600 million buy in Latin America which subsequently fell through.
An analyst with a domestic brokerage said there has been a buzz in the market in the last few days about a possible acquisition.
“The company’s management recently said their next acquisition would be a big one,” he added, requesting anonymity.
Landis had revenues of $1.36 billion and an operating profit of $161 million in 2009.
