Comments
The Competition Commission of India (CCI) has approved the takeover of CG Power and Industrial Solutions Ltd by publicly listed Tube Investments of India Ltd, part of the Murugappa Group.
Also read: TII to invest ₹100 crore more in CG Power acquisition
The CCI said CG Power is presently undergoing financial stress and is in immediate need of funds to continue its operations as a going concern for which the lenders of CG Power have initiated the process for resolution of stress in accordance with the Stressed Asset Directions.
In August, the CG Power board had accepted Tube Investment’s proposal to invest ₹700 crore following a Swiss challenge bidding process, which was initiated by the lenders to CG Power.
Two business units
CG Power is a publicly listed entity with two major business units — power systems and industrial systems. The power systems business unit focusses on power transmission, distribution, power solutions, setting up of integrated power systems and associated services businesses.
Also read: CG Power: Forensic audit silent on Thapar, flags role of auditors
The industrial systems business unit consists of rotating machines (motors and alternators) across a wide spectrum of power and ratings, automated AC, DC and variable frequency drives and control systems, among others.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.