NEW DELHI: Crompton Greaves Ltd (CGL) said it would sell its overseas power business to a US private equity fund for an enterprise value of 115 million euros ($126.1 million), to pay down debts and invest in faster growing Indian businesses. The company said it would sell its transmission and distribution business in Europe, North America and Indonesia to First Reserve International Ltd, adding it was looking to offload more assets. Crompton Greaves shares jumped as much as 8.9 per cent after the news. Crompton Greaves, which makes power transmission equipment, fans and air coolers and dates its history back to an English engineer in 1878, in February posted a loss for the three months to December 31, sending its shares tumbling 28 per cent.