On Friday , Crompton Greaves, a part of the Avantha Group said that it will sell its consumer electrical business to a consortium led by Advent and Temasek Holdings for Rs 2,000 crore.

Crompton Greaves in a BSE filing said that its promoter Avantha Holdings will sell its shareholding in its demerged consumer business – Crompton Greaves Consumer Electricals (CGCE)- to a special purpose vehicle (SPV) managed by Advent International Corporation, US and Temasek Holdings subject to agreement of terms and conditions.

“…We propose to divest our entire proposed shareholding in CGCEL amounting to approximately 34.37 per cent of the total issued and paid up share capital of CGCEL, to one or more SPVs managed by Advent and a wholly-owned subsidiary of Temasek for an aggregate consideration of Rs 2,000 crore,” Avantha Holdings said in a letter to Cropmton Greaves.

The deal is subject to necessary approvals from Reserve Bank and Competition Commission of India.