Avantha Group Company, CG Power and Industrial Solutions Ltd (CG) consolidated net loss widened to Rs 28.23 crore in the quarter ended December 2017. The company's consolidated net loss was Rs 25.11 crore in the quarter ended December 2016, the CG stated in a BSE filing today. According to the statement, its total consolidated income was Rs 1,517.06 crore in the quarter compared to Rs 1418.71 crore a year-ago. The company's consolidated net loss in the April-December period was Rs 584.08 crore compared to Rs 46.63 crore loss year ago. The total consolidated income of the company during the nine month period was Rs 4,534.51 crore compared to Rs 4,340.28 crore a year-ago. In a separate filing, it stated that its subsidiaries have executed a deal for sale of assets and share of its businesses in Hungary for an enterprise value of 38 million euro. The business for sale in question excludes the switchgear business in its step down subsidiary CG Electric Systems Hungary Zrt. The buyers are Ganz Villamossagi Zrt. and Alester Holdings Limited.
The sale is part of its divestment plan to reduce debt and to focus on core operations and core market in India which provides sufficient growth opportunities.
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