Crompton Greaves (CG), an engineering firm, announced that Avantha Power & Infrastructure (APIL) in which CG holds an equity investment of approx 23.14% has informed that it has signed a Memorandum of Understanding (MoU) with Adani Power for 100% sale of APIL's Korba West Power Company (KWPCL). KWPCL, a SPV of APIL, is commissioning a coal based thermal power plant of 600 MW. KWPCL is valued in excess of Rs 42 billion.

Ballarpur Industries has also said that the company and its step down subsidiary, Bilt Graphic Paper Products are equity shareholders of Avantha Power & Infrastructure (APIL). Korba West Power Company(KWPCL) is a subsidiary of APIL.

Shares of Crompton Greaves gained Rs 7.95, or 4.06%, to trade at Rs 203.60. The total volume of shares traded was 399,381 at the BSE (10.40 a.m., Monday).