CG Power recasts five years of accounts
The Hindu
CG Power and Industrial Solutions Ltd., a Murugappa Group firm, has completed recasting of accounts for the five-year period from FY15-19.Tube Investments of India (TII) had acquired CG Power in Novem
CG Power and Industrial Solutions Ltd., a Murugappa Group firm, has completed recasting of accounts for the five-year period from FY15-19.
Tube Investments of India (TII) had acquired CG Power in November 2020 under a Swiss challenge as part of the resolution process initiated by lenders on the RBI’s directive on prudential framework for resolution of stressed assets.
As part of the deal, TII agreed to pump in ₹700 crore for a 56% stake. It appointed its own directors on the board with S. Vellayan as chairman and N. Srinivasan as managing director.
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