Times of India
BANGALORE/MUMBAI: India’s largest private sector ship builder ABG and Tano Capital, a private investment fund of former Franklin Templeton president Chuck Johnson, are selling unlisted Italian electric motor maker Cemp for about Rs 300 crore, or $55 million, said people directly briefed on the matter.
A strategic European buyer is in final stages of due diligence to buyout the asset. Rishi Agarwal-led ABG— along with Tano—acquired Cemp, which manufactures flameproof and non-sparking motors for risky applications, in 2007. The two partners floated ABG Motors which acquired the company, with plants in Milan and Bangalore, for $37 million. ABG held 55% leaving the rest with Tano in the JV.
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