Crompton Greaves Consumers Electronics is one of India’s best brands for consumer electronics. They produce a wide range of products, including lighting, fans, household appliances, and pumps.
The company’s foundation was laid back in 1947. Ever since then, they have been dedicated to developing the best. The company was a part of the Thapar Group. The two companies, Crompton Parkinson Works Ltd and Greaves Cotton & Parkinson Ltd, were eventually combined and launched in the market as CG Power and Industrial Solutions Ltd.
About Crompton
Crompton Greaves Consumer Electrical Limited has emerged as one of the leading consumer companies in India. They have been carrying their old brand legacy. Until 2016, they were an independent company but now have been functioning as per the professional management. The company is launching various business segments such as Electrical and Lighting consumer durables. All the products are marketed under the name of Crompton. Furthermore, they export the market to only selected products.
History of Crompton
Colonel REB Crompton laid down the basic foundation of Crompton Greaves Consumer Electronics in 1878. However, in 1927, the same company emerged along with Crompton Parkinson Ltd Greaves Cotton and Company. James Greaves established the latter company in 1859.
Eventually, in 1937, the company was considered to be incorporated within Crompton Parkinson Works Pvt Ltd. Later, in 1947, Karam Chand Thapar from the Thapar Group had acquired the company. Nonetheless, it was considered to be private. However, in 1960, the company went public and also changed its name to Crompton Greaves Limited. Nonetheless, the change in name was done pretty late, sometime around 1966.
The company is considered to be pretty active around. In July 2014, Crompton Greaves Limited also announced to demerge the company across different consumer sectors. Their main focus was on determining the improved business across the industrial system and power segment.
The demerger of the company was finished around Crompton Greaves Consumer Electricals. Gautam Thapar had to sell around 34% of his stakes around Crompton Greaves Consumer Electronics. The selling of stakes was made to Temasek Holdings and Advent International for a value of Rs 2000 crore.
However, in 2017, Crompton Greaves finally changed its name to CG Power and Industrial Solutions Ltd. Nonetheless, the company had also been a victim of several fraud transactions. The company went public to announce that its employees were a part of unauthorized transactions in August 2019. The Murugappa Group Tube Investment also acquired the stake for GC Power and Industrial Solutions for a value of Rs 700 crore.
Brand of the Decade Award
In 2021, they were also awarded the Brand of Decade Award by the ERTC and BARC Media. The key parameters for winning the award were image sustainability, trust, positioning, recall, and trust. Furthermore, Crompton has also paved the way for innovation that determined the brand’s success.
Crompton, over the decades, has won several prizes. They are eventually dedicated towards providing the best value. Ever since they demerged from the parent company, they only contributed to driving business success.