Crompton Greaves Ltd. is one of the largest private sector enterprises in electrical engineering in India. The Company was established during the year 1937 under the name Cromption Parkinson (Works) Ltd. The company is involved in manufacture, distribution and sales, installation and servicing of electrical and allied equipment such as industrial motors, fractional horse power motors, control gear, power and distribution transformers, alternators, switchgear, tap changers, etc. The company is also involved in the manufacture of railway equipments, electronic equipment and micro processor based systems in relation to communication, measurement, testing, automation, controls and  computers.

In the areas of science and technology, the company offers Research & Development and consultancy services.

 The company also has undertaken the manufacture of electronic goods required for the industrial sector and household appliances.

 During the year 1966, the company was renamed as Cromption Greaves Ltd. subsequent to the amalgamation of Greaves Cotton & Cromption Parkinson Ltd.

During 1996 - The Company was restructured in four main business group as shown below to ensure enhanced focus and effectiveness:

<!--[if !supportLists]-->·        <!--[endif]-->Power system,

<!--[if !supportLists]-->·        <!--[endif]-->Industrial system,

<!--[if !supportLists]-->·        <!--[endif]-->Consumer products and

<!--[if !supportLists]-->·        <!--[endif]-->Digital

 During the year 1998 - Investment Information & Credit Rating Agency (ICRA) has assigned  an A1 rating to the Rs.150-crore short-term debt programme of Crompton Greaves Ltd (CGL). The rating indicates highest safety.

The financial growth is reviewed below:

Year                             Sales               Varation %       Profit after Tax   Variation%

2003/03                       1,551.95                                  28.17

2004/03             1,714.28          10.46               70.83                   151.44

2005/03                       2,066.74          20.56               114.78                   62.05

2006/03                       2,576.22          24.65               163.05                  42.05

2007/03                       3401.17           32.02               192.37                   17.98

Technical collaboration

Since the year1978, Cromption Greaves Ltd. has entered in to various technical collaboration agreements as briefed below:

<!--[if !supportLists]-->·         <!--[endif]-->Entered into technical collaboration agreement with Westinghouse Electric Corporation, U.S.A., for the manufacture of 400 KV transformers, aluminium wound transformers and high voltage vacuum interrupters.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Brush Electricals Ltd., U.K., for alternators.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Hawker Siddeley Power Transformers of U.K., for medium range on-load taps changers.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Emile Haefely, Switzerland, for current and potential transformers and condensor bushings.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Hundt & Weber, West Germany, for air circuit breakers.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Westinghouse Brake & Signals, U.K., for signalling relays and mosaic panels.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Siemens AG, for push button electronic telephone instruments.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Hitachi Ltd., Japan, for motors and contractors and relays.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Mitsubishi Electric Corporation, Japan, for SF6 gas circuit breakers.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with NEI Reyrolle, France, for auto recloser.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Power Conversion Inc., U.S.A., for lithium batteries.

<!--[if !supportLists]-->·         <!--[endif]-->Collaboration agreement with Sekar Enterprises, U.S.A., for polymer concrete insulation.

<!--[if !supportLists]-->·        <!--[endif]-->Crompton Greaves has setup, in Goa, a company under the name of CG-PPI Adhesive Products Ltd., as a joint venture with  Pl Adhesive Products Ltd., Ireland for the manufacture of adhesive tapes for electrical and electronics applications. During 1990  - The adhesive tapes project  was implemented.

<!--[if !supportLists]-->·        <!--[endif]-->During 1990 the turbine project at Punjab was implemented.

<!--[if !supportLists]-->·        <!--[endif]-->During 1990, a joint venture company under the name of CG-Teltec Ltd., with foreign equity participation was promoted by CG and Teltec of Denmark for the manufacture of radio communication equipment at Bangalore.

<!--[if !supportLists]-->·        <!--[endif]-->During 1990, fresh Collaboration agreements were entered into with Kato Electric Manufacturing Co., Ltd., Japan, for fluid purifiers,

<!--[if !supportLists]-->·        <!--[endif]-->During 1990 with Westinghouse Brake & Signals Holdings Ltd., U.K., for point machines

<!--[if !supportLists]-->·        <!--[endif]--> During 1990  with Hitachi Ltd., Japan for lighting arresters.

<!--[if !supportLists]-->·        <!--[endif]-->1997 - Crompton Greeves-Powerware, the 49:51 joint venture between Crompton Greaves (CG) and the US-based Exide Electronics for the manufacture of UPS systems, will unveil its range of large UPS systems, in the 40-150 KVA range, in October.

<!--[if !supportLists]-->·        <!--[endif]-->1997 Crompton Greaves is joining hands with the $40 billion NEC of Japan to set up a joint venture for the manufacture of microwave radio equipment.

<!--[if !supportLists]-->·        <!--[endif]-->1997 The US$ 800 million Austrian company Elin is in talks with Crompton Greaves to set up new joint venture company in the power transmission and distribution sector.

<!--[if !supportLists]-->·        <!--[endif]-->1998 - CGL has recently forged an alliance with Link Middle East Ltd. (LMEL) to form a 40:60 joint venture company, initially for the manufacture of medium voltage vacuum switchgear at Dubai.

<!--[if !supportLists]-->·        <!--[endif]-->1998 - Crompton Greaves in collaboration with Allied Electrical of the US will soon commence commercial production of newly developed transformer of higher rating.

<!--[if !supportLists]-->·        <!--[endif]-->1999 - PPGML, a company promoted by CGL and PSDIC in 1985 in technical collaboration with Germany based Voest Alpine and Kossler, has facilities for manufacture of hydro-turbines upto 120 MW at Channo, Punjab.

<!--[if !supportLists]-->·        <!--[endif]-->Crompton Greaves Ltd. that they have signed an MoU with Israel based Tadiran Telecommunications Ltd., for marketing and servicing Tadiran's Coral range of telecommunication product in the Indian subcontinent.

<!--[if !supportLists]-->·        <!--[endif]-->Crompton Greaves Ltd. (CGL) has entered into a technical collaboration with Allied Signal Inc. for manufacturing Amorphous Metal Transformers (AMT).

Some of the important events that were responsible for the growth of the company are briefed below:

Pavana Investment Pvt. Ltd, which has equity share capital of Rs 50 lakhs, is a wholly owned subsidiary of the Company. Hind Condensor Pvt. Ltd., is a wholly owned subsidiary of Pavana Investment Pvt. Ltd. Both Pavana Investment Pvt. Ltd., and Hind Condensor Pvt. Ltd., are deemed public companies.

Kerala Electric Lamp Works Ltd. (formerly Toshiba Anand Lamps Ltd.,) also became a subsidiary of the Company during 1981.  With the effect from 1st April 1990, Kerala Electric Lamp Works Ltd. (KELW) was amalgamated with the company. In terms of the Scheme of Amalgamation, the shareholders of KELW were to be issued 264 No. of equity shares of Rs 100 each of the Company in the proportion of one share of the Company for every 50 fully paid-up equity shares of Rs 10 each of KELW.

During 1995 Hind Condensor Ltd., Goa Telematics Ltd. (GTL) and Northern Digital Exchanges Ltd. (NODE) were amalgamated with the Company.

During 1996 Indocom Industries Ltd., a 100% subsidiary of the company and Lumino Lamps Ltd. were amalgamated with the Company. Consequent to the amalgation 31,366 shares were issued to the shareholders of erstwhile Lumino Lamps Ltd

 Durng 1997 - The Kersons Manufacturing Company of India Ltd. (Kersons) and Goa Electricals and Fans Ltd. (GEFL) were amalgamated with the Company. Consequent to the amalgamation the company issued 1,11,030 and 4,792 shares to the shareholders of erstwhile GEFL and Kersons respectively.

1997 - Crompton Greaves Ltd., one of India's largest private sector enterprises in electrical engineering, has opened its Energy Conservation Cell at Chennai, New Delhi, Mumbai and Calcutta to help customers take on the soaring fuel prices.

1997 - Goa Electricals and Fans Ltd. (GEFL), a joint sector company promoted by the Economic Development Corporation of Goa (EDC) and Crompton Greaves Ltd. (CGL), is to be amalgamated with CGL under the provisions of the Sick Industrial Companies (Special Provision) Act, 1985.

1998 - CGPL became a wholly-owned subsidiary of CGL after the transfer of 110,000 equity shares held by Tamil Nadu Industrial Development Corporation to CGL in May.

1999- The company has also signed a four-year wage settlement with its employees at Nahsik and Satpur.

2000 - The Company has entered into an agreement with Bharti Televentures Ltd., for the sale of its 40.5% shareholding in Skycell Communications Ltd. for a sum of approx. Rs 95 crores based on the enterprise value.

2000- The informatics division of Crompton Greaves has tied up with Remedy Corporation for consultation, implementation and training of eCRM and eBusiness infrastructure solutions in India.

2000- The Company has signed an agreement with French company Schneider Electric for selling its low tension control gear business located in Nasik in Maharashtra.

2000- The Company has entered into an agreement for sale of its Low Tension Control Gear division located at Satpur, Nashik to Schneider Electric India Ltd for approximately Rs 76 crore.

2000- The Company has hived off its joint venture subsidiary, Skycell Communication Ltd., for a total sale consideration of Rs 124 crore.

2000- The Company has introduced two new fan models called Gothica and Exotica.

2001 - IN a bid to reduce its manufacturing costs, LM Thapar Group company Crompton Greaves has begun importing electrical components from Chinese manufacturers for its consumer products division.

The following Joint ventures of the company are also responsible for is growth:

<!--[if !supportLists]-->·         <!--[endif]-->A new  company , Punjab Power Generation Machines Ltd., was promoted during the year 1986 by Crompton Greaves and the Punjab state Industrial Development Corporation Ltd., for the manufacture of hydro turbines that can generate electricity up to 20 MW in Punjab.

<!--[if !supportLists]-->·        <!--[endif]-->In similar lines Crompton Greaves promoted Goa Electricals and Fans Ltd. and Goa Telematics Ltd., as  joint ventures in association with Economic Development Corporation of Goa, Daman & Diu Ltd., for the manufacture of ceiling fans in Goa. The Goa Telematics Ltd. manufactures telematics and data communication terminals, etc. During 1995, Goa Telematics Ltd. (GTL) was amalgamated with the Company.

<!--[if !supportLists]-->·         <!--[endif]--> Another joint venture company was promoted under the name of CG-Newage Electrical Ltd., with foreign equity participation from Newage International Ltd., U.K., for the manufacture of electric motors, generators and control systems thereof at Ahmednagar for the manufacture of motors and alternators was commissioned in May 1992.

<!--[if !supportLists]-->·         <!--[endif]--> During 1991, a joint venture project for manufacture of electric meters at Gurgaon and Company's plant for manufacture of lithium batteries at Goa were commissioned.

<!--[if !supportLists]-->·        <!--[endif]-->During 1993, a joint venture projects for manufacture micro motors at EPZ, Chennai and another for manufacture of solid state energy meters at Gurgaon, Haryana were commissioned. The joint venture unit for electronic battery chargers, a 100% export oriented unit at Chennai, was launched.

<!--[if !supportLists]-->·        <!--[endif]-->During 1994 a joint venture project for manufacture of medium voltage ring main units at Nasik was commissioned.

<!--[if !supportLists]-->·        <!--[endif]-->The Stampings factory at Mumbai launched the non silicon range of electrical steel stampings.

<!--[if !supportLists]-->·        <!--[endif]--> 1997 - Crompton Greaves, a Thapar group company, has formed a joint venture with ELIN Energieversorgung (ELIN) of Austria to manufacture gas and steam turbine driven generators, up to 45 MVA capacity, and hydel generators.

<!--[if !supportLists]-->·        <!--[endif]-->1997 - The 50:50 joint venture between Thapar group company Crompton Greaves and Elin, Cg Elin power systems, would come up in Mandideep near Bhopal.

<!--[if !supportLists]-->·        <!--[endif]-->1997 - Crompton Greaves Power Systems group, one of the four divisions of Crompton Greaves Ltd (CGL), has signed an MoU with Allied Signal Amorphous Metals to develop amorphous metal transformers for the Indian and export markets.

<!--[if !supportLists]-->·        <!--[endif]-->1997 - N E C Corporation has formation of a joint venture with India's Crompton Greaves Ltd, in Bangalore to manufacture microwave telecom systems, turning out such gadgets as very small aperture terminals and synchronous digital hierarchy microwave systems. Crompton will provide the technical knowhow and management support to the joint venture for which it will be paid fee and royalty on sales.

 The following are some of the major achievements during the past:

<!--[if !supportLists]-->·         <!--[endif]-->The company commissioned upgraded plants for the manufacture of vacuum interrupters at Aurangabad, industrial electronic items and signalling systems electronics at Nasik and a project for manufacture of instrument relays at Pithampur.

<!--[if !supportLists]-->·         <!--[endif]-->Further  various diversification projects such as fluid purifiers at Aurangabad, rural automatic exchange and line transmission equipment at Bangalore, transformers and reactors at Malanpur near Gwalior, and a software development centre at Mumbai and Bangalore were implemented by the company.

<!--[if !supportLists]-->·         <!--[endif]-->The vacuum fluid purifier plant was commissioned during  the year 1990 at Aurangabad.

<!--[if !supportLists]-->·         <!--[endif]-->The company has also developed and introduced 33 KV SF6 breakers, local transformers and hydro generators.

<!--[if !supportLists]-->·        <!--[endif]-->A new R&D laboratory for developing illumination electronics  has also been set up by the company.

<!--[if !supportLists]-->·        <!--[endif]-->The R& D wing has successfully developed new products  such as magnetic amplifier transistorised AC drive, production line impulse tests, electronic chopper for fork lift truck and energy efficient ceiling fans.

<!--[if !supportLists]-->·        <!--[endif]-->In 1991 - The R&D wing progressed in developing new products such as automatic test systems for motors and transformers, impulse test systems, high performance polyurethane paint, ESMAP-2P, software for FEA of electrical products and computer graphic cards, such as CHROMA and an extended range of transistorised microprocessor based AC drives.

<!--[if !supportLists]-->·        <!--[endif]-->In 1992 The R&D unit developed new products like DC/AC current sensor and mixed dielectric insulation system for 220 KV coupling capacitors.

<!--[if !supportLists]-->·        <!--[endif]-->In 1994  The Central R&D Laboratory set up at Kanjur is also recognised by the Department of Science & Technology of the Government of India.

<!--[if !supportLists]-->·        <!--[endif]-->New products developed and introduced by the R&D wing were new telephones such as feature phones, slim-line uniterruptible power supply of computers, automatic test systems for motors, MODCMS and data communication terminal 12 KV SF6 capacitor switch and MCCR with Type C Co-ordination.

<!--[if !supportLists]-->·        <!--[endif]-->During 1993, The R&D unit introduced new products like AC drives, static converters, brushless DC motors, SF6 capacitor switch, inverters for railway applications, impregnating resins, furnace control systems, auto synchronising units, GPIB controller/GPIB instruments, industrial control display and monitoring software design automation and automatic test systems.

<!--[if !supportLists]-->·        <!--[endif]-->During the year 1988, the Company developed and introduced electronic control system equipment such as  programmable logical controllers for supervisory control and data acquisition,

<!--[if !supportLists]-->·        <!--[endif]-->During the year 1990 the company commissioned rural telecommunication unit at Bangalore, the transformers unit at Malanpur and M.P.

<!--[if !supportLists]-->·        <!--[endif]--> During the year 1994, a Company CG Communication Pvt. Ltd., was promoted to provide cellular mobile telephone services in the telecom services in India.

<!--[if !supportLists]-->·        <!--[endif]-->In 1994, the Company has established a well equipped electricals (LV) and an electronics laboratory at its Kanjur Complex, an engineering laboratory and an EHV laboratory at Ambad, Nasik and an illumination engineering laboratory at Worli.

<!--[if !supportLists]-->·        <!--[endif]--> During 1994, new products such as electronic speed governor for hydel and steam turbines, Co-generation packages for the sugar industry for own use and to feed any surplus power into the grid, solid state inter locking for railway yards, block multiplexes for date communication for railway signalling, upgradation of soft stenters and transformer technology absorption of AVS controller from Powertec, USA, microprocessor based trip relay controllers for air circuit breakers and micro processor based test measuring instruments were developed and introduced.

<!--[if !supportLists]-->·        <!--[endif]--> 1995 A modern transformer factory with the latest manufacturing equipment was set up at Bhopal with a present installed capacity of 5000 MVA per annum and capable of undertaking manufacture of 8000 KV or HDVC transformers in future.

<!--[if !supportLists]-->·        <!--[endif]-->1995 The transformer division also developed a 290 MVA, 220 KV class, 3 phase generator transformer, the largest 3 phase 220 KV class generator transformer in India.

<!--[if !supportLists]-->·        <!--[endif]-->2001 - The Company which launched indiawomenpower.com, a women specific portal, launched a portal on tenders called tenderpower.com.

<!--[if !supportLists]-->·        <!--[endif]-->2001- CG-Digital, a business unit of Crompton Greaves, has launched a new range of digital and KTS/EPABX systems to suit varying needs of communication.

Finacial market

<!--[if !supportLists]-->o       <!--[endif]-->During February/March,1991 the Company offered 6,40,000-12.5% secured fully convertible debentures of Rs 475 each on Rights basis in the proportion 1 debentures: 3 equity shares held (all were taken up). Simultaneously another 32,000-12.5% debentures were offered to the employees' on an equitable basis (all were taken up).

<!--[if !supportLists]-->o       <!--[endif]-->Each debenture was compulsorily and automatically converted into 1 equity share of Rs 100 each at a premium of Rs 375 per share on 1st August, 1992. Accordingly, 6,72,000 No. of equity shares were allotted. 13,11,216 Rights equity shares (prem. Rs 700; prop. 1:2) allotted on 19.3.1993.

<!--[if !supportLists]-->o                   <!--[endif]-->264 No. of Equity shares allotted pursuant to a Scheme of Amalgamation.

<!--[if !supportLists]-->o        <!--[endif]-->During 1993, January/February the Company offered 12,96,132 No. of equity shares of Rs 100 each at a premium of Rs 700 per share on Rights basis in the proportion 1:2 (all were taken up).  Also another 64,807 No. of equity shares of Rs 100 each were offered to the employees' at a premium of Rs 700 per share on an equitable basis (only 15,084 shares taken up). Unsubscribed portion of 49,273 shares was allowed to lapse.

<!--[if !supportLists]-->o       <!--[endif]-->1993 - The Company proposed to issue equity shares/convertible bonds/dispository receipts upto the value of US $35 million or Rupee equivalent thereof through International offering and/or private placement with Foreign Financial Institutions.

<!--[if !supportLists]-->o        <!--[endif]-->1994  - The Company submitted its bid to DOT for provision of cellular services in seven circles in association with Millicons of Luxembarg.

<!--[if !supportLists]-->o       <!--[endif]-->The Company undertook to invest 60% in CG Graphnet Pvt. Ltd., a Company formed for selling up a network for offering a diverse range of data and message handling services like E-Mail, Enhanced fax and other value added services.

<!--[if !supportLists]-->o        <!--[endif]-->It was also proposed to invest upto 40.5% in the share capital of Skycell Communications Pvt. Ltd., a company formed for providing cellular communication services.

<!--[if !supportLists]-->o        <!--[endif]-->1994 - 52,50,000 of Rs 10 each at a premium of Rs 200 per share allotted on private placement basis to FIIs.

<!--[if !supportLists]-->o        <!--[endif]-->1995 The Company issued and allotted 11,06,440 shares and 2,893 shares to the shareholders of erstwhile NODE and GTL respectively

<!--[if !supportLists]-->o        <!--[endif]-->During 1996 Indocom Industries Ltd., a 100% subsidiary of the company and Lumino Lamps Ltd. were amalgamated with the Company. Consequent to the amalgation 31,366 shares were issued to the shareholders of erstwhile Lumino Lamps Ltd

<!--[if !supportLists]-->o        <!--[endif]-->During 1996 - The Company accessed the international capital market with an issue of US $50 million which was fully subscribed at Rs 265 per GDR. To this issue, 66,13,750 GDRs and an equal number of underlying equity shares of Rs 10 each were allotted.

<!--[if !supportLists]-->o        <!--[endif]-->1997 - 2,49,343-14% secured non-convertible debentures Rs 100 each issued on private placement basis are redeemable at a premium of 5% on 15th July.

<!--[if !supportLists]-->o        <!--[endif]-->1997 - The 10,00,000-19% secured redeemable non-convertible debenture of Rs 100 each redeemable at 5% in 3 equity instalments starting from the end of 6th year from the May 1992 the date of allotment.

<!--[if !supportLists]-->o        <!--[endif]-->1997 - The Kersons Manufacturing Company of India Ltd. (Kersons) and Goa Electricals and Fans Ltd. (GEFL) were amalgamated with the Company. Consequent to the amalgamation the company issued 1,11,030 and 4,792 shares to the shareholders of erstwhile GEFL and Kersons respectively.

<!--[if !supportLists]-->o       <!--[endif]-->2001- The Company currently holds 30,99,993 No. of equity shares of Rs 10 each in the share capital of CG Igarashi Motors Ltd. and 1,91,978 No.of equity shares of Rs 100 each of the share capital of CTR Manufacturing Industries Ltd.

<!--[if !supportLists]-->o       <!--[endif]-->2001- The Company has proposed to transfer its shareholdings in CG Igarashi Motors and CTR Manufacturing Industries to its 100 per cent subsidiary, CG Capital & Investments.

<!--[if !supportLists]-->o       <!--[endif]-->2002-Crompton Greaves Ltd has informed BSE that the Company has divested its shareholding of 38% in CG Newage Electrical Ltd to Cummins India Ltd at a price of Rs 220.50 per share.

<!--[if !supportLists]-->o       <!--[endif]-->2003-Solaris Chemtech Ltd has increased its holding in this company to 12.65 per cent after it acquired 9,50,000 shares from Greaves Ltd.

<!--[if !supportLists]-->o       <!--[endif]-->2003-The company has got approval for capital restructuring-according to which Rs 1520 million be utilised for adjustment against the balances in the following accounts as at March 31, 2003 and accretions/variations thereto during the period April 1, 2003 to July 31, 2003 1. Miscellaneous Expenditure (to the extent not written off or adjusted) 2. Deferred Tax Asset and 3. Debit Balance in the Profit and Loss Account.