CCI approves CG Power acquisition by Tube Investments

Fair trade watchdog Competition Commission of India (CCI) has approved the proposed acquisition of shares in troubled CG Power and Industrial Solutions by Chennai-based Tube Investments India (TII), a subsidiary company of Rs 38,000-crore Murugappa Group.

TII and CG Power had entered into a securities subscription agreement on August 7, 2020 for acquiring a controlling stake in the latter through a combination of investment of around Rs 550 crore for primary subscription to the equity shares and investment of around Rs 150 crore for primary subscription of warrants.