Amritsar, NFA Post: The Competition Commission of India has approved Tube Investments of India Ltd’s (TIIL) proposed acquisition of over 50% stake in CG Power and Industrial Solutions.
TIIL, a part of Chennai-based Murugappa Group, had in August offered to invest 700 crore rupees in CG Power for more than 50% stake.
After CG Power had defaulted on loan repayments since a fraud was detected in the firm last year, its lenders had launched a Swiss challenge to explore if any other eligible investor was willing to better TIIL’s offer.
TIIL, however, emerged as the winning bidder in the Swiss challenge.
“Commission approves proposed acquisition of shares in CG Power and Industrial Solutions Limited by Tube Investments of India Limited,” the trade regulator said.