Murugappa Group set to win Swiss challenge for CG Power

NEW DELHI: Exactly a year after founder Gautam Thapar was sacked as its chairman, CG Power and Industrial Solutions Ltd 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.