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Crompton to divest Skycell stake - Views on News from Equitymaster
 
 
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  • Aug 23, 1999

    Crompton to divest Skycell stake

    According to newspaper reports, Crompton Greaves Ltd. is selling its 40% stake in the Chennai Skycell project for over Rs 2 bn. However, with the passage of the new telecom policy guidelines, the sale price is likely to increase sharply.

    Crompton Greaves is India's second largest electrical equipment manufacturer. The company is organised into four main business groups: power equipments, industrial systems, consumer products and digital systems.

    Crompton Greaves has initiated an exercise to restructure its business operations. The company, which has 15 joint ventures, plans to focus on its core competencies and sell off its stakes in non-core ventures. The Skycell sell off is the first non-core operation that is being divested.

    This move is likely to benefit the company as it will generate cash and also help the company to refocus on its core competencies. The cash will be used to repay short-term debt, which will boost the bottomline of the company. Moreover, with the economic recovery picking up, the demand for the company's engineering products is likely to increase substantially. With fewer businesses and more cash resources, the company would be ideally placed to meet the growing demand for its products.

    Market View:

    Analysts have rated the stock as a 'BUY' on account of the signs of an economic recovery, which is likely to boost the demand for the company's products. Moreover, the analysts have favourably viewed the company's restructuring plans.

     

     

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