CCI okays Tube Investments' stake buy in CG Power

The Competition Commission of India (CCI) has approved the acquisition of shares in CG Power and Industrial Solutions Ltd by Tube Investments of India Ltd.

The proposed combination envisages acquisition of more than 50 per cent of the equity share capital of CG Power and Industrial Solutions Ltd (CG Power) by Tube Investments of India Ltd (TIIL).

TIIL is a listed entity and is part of Murugappa group. It has three business verticals including engineering, metal formed products and bicycles. It is engaged in the manufacture of a wide range of products for automotive, railway, construction, mining and agriculture industries.

Also a listed entity, CG Power has two major business units -- power systems and industrial systems.

The power systems business unit focuses on power transmission, distribution, power solutions, setting up of integrated power systems among others.