Crompton Greaves eyes Landis+Gyr of Europe for acquisition

Crompton Greaves which has done six acquisitions across the globe in the last 5 years is gearing up for another one. Sources said, Crompton Greaves has shown interest in the European company, Landis+Gyr which manufactures smart gear. Landis+Gyr is valued over $1 bn by the experts.

Sources said, Crompton Greaves which has a diverse portfolio of equipment manufacturing also produces meters but needs the smart meter technology which has a lot of opportunity in India in the future.

Landis+Gyr's provides utilities with flow of data required to manage energy efficiency, helping customers lower their energy costs and carbon footprint. This product is more in use in the developed world and is soon expected to see a huge market in India, industry experts said.

Sources said, Landis+Gyr has appointed three international banks, Lazard, Credit Suisse and JPMorgan for the sale of the company. Crompton Greaves has declined to comment on the development. Landis+Gyr spokespersons have not responded to our phone calls and e-mail queries.