# Tube Investments of India to acquire controlling stake in CG Power for ₹700 crore

Tube Investments of India (TII) is acquiring a controlling stake of about 50.62% in CG Power & Industrial Solutions for ₹700 crore through a preferential issue of shares and warrants. After warrant conversion, TII's stake will be about 56.61%.

- Type: Acquisition
- Announced: 2020-08-07
- Where: India
- Value: $94.0M (7.00B INR)
- Status: announced
- Products: engineering solutions, power sector equipment
- Sectors: [Electrical Equipment](https://endata.com/sectors/electrical-equipment.md), [Power Generation Equipment](https://endata.com/sectors/power-generation-equipment.md)

## Companies

- [CG Power and Industrial Solutions](https://endata.com/companies/16858.md) (target)
- [Tube Investments of India](https://endata.com/companies/49073.md) (acquirer)

## Sources

- [thehindubusinessline.com](https://www.thehindubusinessline.com/companies/tube-investments-picks-up-controlling-stake-in-cg-power-for-700-crore/article32298218.ece), 2020-08-07: "TII will acquire about 50.62 per cent of the issued and subscribed share capital of CG Power."
- [business-standard.com](https://www.business-standard.com/article/companies/murugappa-group-s-tube-investments-buys-controlling-stake-in-cg-power-120080700939_1.html), 2020-08-07: "Tube Investments will acquire control over the company and will have the right to appoint a majority of the directors on the company board."
- [thehindu.com](https://www.thehindu.com/business/Industry/tiil-in-700-crore-pact-to-buy-cg-power-stake/article32298653.ece), 2020-08-07: "TIIL operational, financial and governance capabilities will help remove the present difficulties and hardships of CG Power."
- [timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/business/india-business/tube-investments-to-take-over-fraud-hit-cg-power/articleshow/77421803.cms), 2020-08-07: "TII's operational, financial and governance capabilities and experience will help remove the present difficulties and hardships of CG Power."
- [businessindia.co](https://businessindia.co/magazine/acquisition/murugappa-group-to-acquire-majority-stake-in-cg-power), 2020-08-24: "Murugappa group’s engineering firm Tube Investments of India Ltd (TIIL) is picking up a controlling stake in the fraud-hit CG Power & Industrial Solutions for a consideration of Rs700 crore."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.