Crompton Greaves (CG), an engineering firm, announced selling of stake in CG Lucy Switchgear to W. Lucy & Co  for a consideration of Euro 5.5 million or approx. Rs 402.60 million.

CG Lucy Switchgear is a 50-50 joint venture (JV) between W. Lucy & Co and CG established in the year 1994.

The company said, "The board of directors of the company has approved divestment of its investment of 600,000 equity shares of Rs 10 each in the share capital of CG Lucy Switchgear to W. Lucy & Co and the execution of consequent definitive agreements."

"The deal forms part of CG strategy to focus on its B-to-B activity in the power HV sector. Post divestment, the company will continue to have distributorship of RMUs in India and will also continue to supply vacuum bottles and other products to CG-Lucy," it added.

Shares of the company gained Rs 2.85, or 1.6%, to trade at Rs 181.20. The total volume of shares traded was 75,761 at the BSE (10.45 a.m., Thursday).