The move was part of CGL's restructuring process whereby it has decided to exit the low tension control gear business, which was a division of the company's power systems group."The two companies have signed an in-principle agreement but the cost of acquisition is currently not in the public domain," Lazard Capital managing director Amit Mukherjee said.

Lazard conducted due diligence on behalf of Schneider. CGL has also notified the BSE of the same. (PTI)