Centum Electronics Ltd has sold its French energy business to a Chinese company for €9.8 million (around $11.6 million or Rs 87.5 crore). The company said in a stock-exchange filing it has divested the energy division of French unit Centum Adetel Group to Chauntie Electric (Tianjin) Co. Ltd.
The division makes energy conversion and storage systems for international train manufacturers. Chauntie Electric makes transportation and railway products.
Under the deal, Centum has received 65% of the transaction amount and will get the remaining 35% after a transition period of two years.
Centum was founded in 1993 by Apparao Mallavarapu, who is also the chairman and managing director. The founder and his family own a 58.8% stake in the Mumbai-listed company.
Apart from France and India, Centum also has operations in Belgium and Canada. The French unit offers engineering services and products to customers in the defence and aerospace, medical, automotive, industrial and transportation segments.
Centum offers a wide range of design and manufacturing services to deliver systems and subsystems for mission-critical products in the defence, space, aerospace, industrial, transportation and medical sectors. The company has design and manufacturing facilities across North America, Europe and India.