Crompton Greaves forms joint venture with Spanish firm ZIV

NEW DELHI - Engineering equipment maker Crompton Greaves Friday said it has signed an agreement with Spain-based ZIV Aplicaciones y Tecnologia to form a joint venture in India to manufacture automation systems for electrical sub-stations.

“It is estimated that the total equity capital of the JV will be Rs.10 crore, out of which the company will contribute Rs.7 crore, for a 70 percent shareholding,” the company said in a statement.

ZIV is a key player in serving the needs of the electrical industry in protection, control, measurement and communications.

The flagship company of the $4-billion Avantha Group said the joint venture is a major step to establish itself as a full solutions provider.