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The Competition Commission of India approved the acquisition of more than 50% equity share capital of CG Power and Industrial Solutions Limited by Tube Investments of India Limited, part of the Murugappa group.
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%.