The Competition Commission of India on October 13 said it has approved the proposed acquisition of over 50 percent stake in CG Power and Industrial Solutions by Tube Investments of India Ltd (TIIL). TIIL, a listed entity, is a part of the Chennai-based Murugappa Group.
In August, TIIL offered to invest Rs 700 crore in CG Power for more than 50 percent stake. Lenders to CG Power, which had defaulted on loan repayments since a fraud was detected in the firm last year, launched a Swiss challenge to explore if any other eligible investor was willing to better TIIL's offer.
TIIL 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 fair trade regulator said in a tweet.
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