Argus Partners advised electric goods maker Crompton Greaves on its Rs 400m buyout out of joint venture (JV) CG Lucy Switchgear by JV partner W Lucy & Co. W Lucy was advised by AZB & Partners.

Argus partner Adity Chaudhury and senior associate Megha Saraf acted for Crompton Greaves.

AZB partner Nilanjana Singh acted for W Lucy.

Economic Times quoted Compton Greaves Chief Executive Officer and Managing Director Laurent Demortier as saying, “We believe that W Lucy is the best potential owner for ensuring a long term future for CG-Lucy. Combining the CG Lucy Indian operations and Lucy Electric business will allow CG-Lucy to focus on developing products specifically for the Indian market and expand its offering within the MV sector”.