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CG Electric spending HUF 1.2 bln on investments supported by €1.1 mln grant

CG Electric Systems Hungary is spending HUF 1.2 billion on investments at its base in Tápiószéle supported by a €1.1 million grant from the Central Hungary Operative Program, a framework for paying out European Union regional development funding and state co-financing.

As part of the investment, CG Electric will develop a 765kV transformer by the end of Mány, said CEO Zoltán Luspay. The company will deliver 14 of the transformers to India, he added.

The investment will generate about HUF 9bn in additional revenue for the company and create 20 workplaces.

CG Electric is a member of India's Crompton Greaves group, which took over parts of Hungary's troubled Ganz Transelektro in 2006. (MTI – Econews)