Avantha Group firm Crompton Greaves (CG) on Monday appointed former Procter & Gamble top executive Shantanu Khosla as the executive vice president and managing director designate of its consumer business.
"Shantanu brings with him rich experience of managing consumer business across markets, product categories and functions," Crompton Greaves said in a BSE filing.
Commenting on Khosla's appointment, CG's CEO and Managing Director Laurent Demortier said: "His wealth of management, leadership expertise and proven track record in the consumer space will lead Crompton to the next level of growth."
In April this year, Avantha Group had said that it will sell its entire holding of 34.37 per cent in demerged consumer products business of Crompton Greaves to private equity investors Advent International and Temasek for Rs 2,000 crore.
The two private equity firms will then make an open offer for additional shares to gain ownership of the consumer unit of the Avantha group - Crompton Greaves Consumer Electricals (CGCEL) - which will be listed on the National Stock Exchange and Bombay Stock Exchange.
The deal valued the consumer products arm, Crompton Greaves Consumer Electricals (CGCEL), at an enterprise value of Rs 6,600 crore. In February this year, Crompton Greaves' board had approved full demerger of its consumer products business and said shareholding of CGCEL will mirror the shareholding of Crompton Greaves upon completion of the demerger.
Temasek will be an independent co-investor alongside Advent in CGCEL. Under the terms of the agreement, CGCEL will be demerged from CG into a standalone company and will consequently be listed on the NSE and BSE.
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