The Competition Commission of India (CCI) has approved the takeover of CG Power and Industrial Solutions Ltd by publicly listed Tube Investments of India Ltd, part of the Murugappa Group.

Also read: TII to invest ₹100 crore more in CG Power acquisition

The CCI said CG Power is presently undergoing financial stress and is in immediate need of funds to continue its operations as a going concern for which the lenders of CG Power have initiated the process for resolution of stress in accordance with the Stressed Asset Directions.

In August, the CG Power board had accepted Tube Investment’s proposal to invest ₹700 crore following a Swiss challenge bidding process, which was initiated by the lenders to CG Power.

Two business units

CG Power is a publicly listed entity with two major business units — power systems and industrial systems. The power systems business unit focusses on power transmission, distribution,

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The Competition Commission of India (CCI) has approved the acquisition of 100 per cent equity shares of Medlife International Private Limited (Medlife) by API Holdings Private Limited (API Holdings) and of up to 19.59 per cent equity share capital of API Holdings by Medlife’s shareholders.

The proposed combination relates to the acquisition of 100 per cent of equity shares of Medlife by API and as consideration, the acquisition of up to 19.59 per cent of the equity share capital of API Holdings (on a fully diluted basis), by the Medlife Promoter Shareholders and other shareholders of Medlife. (Prashant Singh, Tushar Kumar and the Prasid Uno Family Trust (Trust) are collectively referred to as Medlife Promoter Shareholders), an official release said.

API is a private company, incorporated in 2019. API directly or through its subsidiaries carries out various business activities including wholesale sale and distribution of drugs; transportation and delivery services

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