Tube Investments of India’s board has approved an additional investment of Rs 100 crore in CG Power and Industrial Solutions. The additional investment was being proposed to meet the funding requirements of CG Power and was subject to necessary corporate authorisations and statutory approvals. The Board of Directors of the company at the meeting held on September 2, 2020, has approved the same.
On August 7, the company had agreed to invest Rs 700 crore in CG Power and Industrial Solutions for a 51 percent stake. It would also invest Rs 150 crore in CG Power over the next 18 months in the form of buying warrants that can be converted into equity shares.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
