Tube Investments of India to acquire a majority stake in CG Power and Industrial Solutions for $109m.

Tube Investments of India, a Murugappa Group company that specializes in engineering, bicycles, metal formed products, and chains, agreed to acquire a majority stake in CG Power and Industrial Solutions, an Indian multinational company engaged in design, manufacturing, and marketing of products related to power generation, transmission, and distribution based in Mumbai, for $109m. TII considers that it’s operational, financial and governance capabilities and experience will help remove the present difficulties and hardships of CG Power and facilitate create value creation for both TII and CG Power. Since both the companies are in the engineering business, the acquisition is expected to provide synergy for both the companies.