CG Power and Industrial Solutions Limited informs that furtherance to the aforesaid communications informing the acceptance of the binding offer and the execution of Business Transfer Agreement and Share Sale and Purchase Agreement (Agreements) with Ganz Villamossagi Zrt and Alester Holdings Limited (Buyers) with respect of the sale of Assets and Shares of the Company's businesses in Hungary (excluding switchgear business) owned by the Company's subsidiary, CG Electric Systems Hungary Zrt (ESHU) at an Enterprise Value of Euro 38 mn.

The company informs that certain conditions subsequent agreed to be performed between the parties have not been met, hence the Agreements have been terminated with effect from April 30, 2019.

While the Company continues to explore opportunities for divestment of business at Hungary, it continues to take appropriate steps aimed towards improving the operational and financial efficiency of ESHU.