CG Power and Industrial Solutions said Murugappa Group firm Tube Investments of India Ltd has acquired a controlling stake in it and now holds 50.62 per cent of the company’s paid-up share capital. The company infused Rs 700 crore into the company and appointed directors on its board. According to the stock exchange filing, CG…
Murugappa Group led Tube Investments will be investing Rs 700 crore to acquire 51% stake in CG Power and Industrial Solutions, as per the media reports. The transaction is subject to Tube Investment emerging winner of the Swiss challenge process that the lenders of CG Power will undertake by August 28. This process allows other…