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Tube Investment receives CCI approval for proposed acquistion

CG Power & Industrial Solutions announced that under the terms of securities subscription agreement entered with Tube Investments of India, the preferential allotment is subject to the fulfilment of all the conditions precedent set out under the SSA, which inter alia include Tube Investments having received approval of the Competition Commission of India for the preferential allotment.

In this regard, the company has been informed by Tube Investment of India that the Competition Commission of India has vide its letter dated 13 October 2020 (received by Tube Investments on 14 October 2020), accorded the requisite approval.

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