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Crompton Greaves to hive-off informatics unit to iBilt
By siliconindia
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Friday, 31 October 2003, 20:30 IST |
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MUMBAI: Crompton Greaves is to hive-off its Bangalore-based informatics business to iBilt Technologies limited for Rs 1 crore.
The company proposes to enter into an agreement for disposal of the informatics business including annual maintenance contracts, inventory and employees to iBilt Technologies for a lumpsum of Rs 1 crore, it informed the Stock Exchange, Mumbai on Thursday.
The board of directors, while granting in-principle approval to suspend operations of the informatics division, had earlier authorised the management to review the company's financial and operational exposure in these business areas and take suitable action.