New Delhi: Exactly a year after founder Gautam Thapar was sacked as its chairman, CG Power and Industrial Solutions Ltd NSE 4.91 % is set to get a new promoter in Murugappa Group after its offer to invest Rs 700 crore in the fraud-hit firm found no challenger. Chennai-based Murugappa Group firm Tube Investments of India Ltd (TIIL) had earlier this month offered to invest Rs 700 crore in CG Power and Industrial Solutions Ltd for a 56.6 per cent stake.
Lenders to CG Power, which had defaulted on loan repayments since the fraud was detected in the firm last year, launched a so-called Swiss challenge to explore if any other eligible investor was willing to better the Murugappa’s offer.
