The board of CG Power and Industrial Solutions Ltd. (CG Power), a Murugappa Group firm, on Wednesday approved a proposal for voluntary winding up and closure of its non-operating firms.
CG Middle East FZE is a non-operating step-down subsidiary, while CG International (Holdings) Singapore Pte. Ltd. is a wholly-owned subsidiary of the company, it said in a regulatory filing.
The board also approved a proposal for closure of one of its non-operating subsidiaries, CG Power Solutions Ltd, under the provisions of the Insolvency and Bankruptcy Code.
CG Power, which was taken over by Tube Investments of India end-2020, had posted a revenue of ₹1,050 crore and PBT of ₹75 crore for Q1 of FY22.
