Tube Investments of India (TII) of the Murugappa Group has acquired debt-ridden CG Power for Rs 1,700 crore as part of its de-risking strategy from auto business. Managing Director Vellayan Subbiah spoke to T E Narasimhan on how the acquisition fits in the firm’s strategy and how it plans to turn around CG Power.
Edited excerpts: What is the rationale behind CG Power acquisition and how will it help TII? We started looking at areas of growth for TII about two and a half years back. Organically, we can grow it at around 6-8 per cent a year over a cycle, but we set a ...
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