Murugappa Group firm Tube Investments of India Ltd (TIIL) has agreed to invest Rs 700 crore in CG Power and Industrial Solutions Ltd for a 51 per cent stake, the scam-hit company said on Friday.

— Outlookindia

The acquisition of the controlling interest in CG Power by the Murugappa Group is to be executed though a binding swiss challenge bid to the lenders of CG Power under RBI’s directions for resolution of stressed assets.

Cyril Amarchand Mangaldas advised Murugappa Group led by their transaction team, led by partner L Viswanathan, partner Gautam Gandotra, and partner Amey Pathak with support from principal associate Arnav Shah, principal associate Gagan Sharma, and senior associate Varun Singh. The disputes team was led by partner Faraz Sagar while the tax team was led by head taxation and partner S R Patnaik.

Trilegal acted as the legal counsel to CG Power in the deal.

2020-08-07

Category: insolvency.

Deal value: INR 700 crores (USD 93.3 million)

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