German conglomerate Thyssenkrupp AG has completed the sale of its Euro 17.2 billion (Rs 15.2 lakh crore) elevator business on Friday to a consortium of private equity firms led by Advent International and Cinven. “Divesting the elevator business with its more than 50,000 employees was a tough decision that was not easy for anyone but it was indispensable in the interests of the whole group of companies,” said Thyssenkrupp AG’s chief executive officer Martina Merz. The group had signed an agreement with the consortium of equity firms on the purchase of the elevator business in February 2020, as a restructuring strategy to reduce debt to the net cash position and improve the balance sheet ratios.