Crompton Greaves to acquire lighting unit of Karma Ind; stock up

MUMBAI: Shares of Crompton Greaves gained momentum in trade today after it entered into a definitive agreement with Himachal Pradesh-based Karma Industries to buy the latter’s compact fluorescent lamp manufacturing business.

The operations, located in Baddi, Himachal Pradesh, are dedicated to manufacturing CFL products.

“This acquisition, which will double Crompton Greaves’ capacity in the fast-growing CFL segment, will be integrated with the consumer business unit,” the company said.

The stock was at Rs 120.10, up 3.53 per cent, on the NSE. It touched a high of Rs 121.45 and a low of Rs 115.10 in trade today.