KKR India has acquired a 10 percent stake in CG Power and Industrial Solutions for more than INR 89 crore ($12.5 million), according to media sources.
Mint reported the deal was made by “invoking a pledge on shares provided as collateral for credit facilities extended to entities related to promoter Gautam Thapar.”
KKR India Debt Opportunities Fund II and KKR India Financial Services purchased more than 62.6 million shares in CG Power from Vistra ITCL (India), which held a 21.63 percent stake in the company as of June 30.
The Mumbai-based CG Power, previously known as Crompton Greaves, designs, manufacturers and markets a variety of electrical, industrial and power generation products across the world. The $2 billion company has a permanent footprint and manufacturing facilities in nine countries across Asia, Europe and North America.
Read more about the deal here.
