Acquisitions8 May 2025, 03:11 pm
CG Power and Industrial Solutions Loses BTW India Acquisition Due to ROFR Exercise
AI Summary
CG Power and Industrial Solutions Ltd. has announced that they will be unable to complete the proposed acquisition of 90% of the equity shares of BTW-Atlanta Transformers India Private Limited (BTW India). This decision comes after receiving a letter from the China Beijing Stock Exchange dated 7th May, 2025, stating that the minority shareholder of BTW India has exercised their right of first refusal (ROFR). As a result, CG Power will not be able to purchase shares of BTW India from its majority shareholder, Baoding Tianwei Baobian Electric Co., Ltd.
Key Highlights
- CG Power and Industrial Solutions Ltd. will not proceed with the acquisition of BTW-Atlanta Transformers India Private Limited
- The minority shareholder of BTW India has exercised their right of first refusal (ROFR)
- CG Power is unable to purchase shares of BTW India from its majority shareholder
- The announcement came after a letter from the China Beijing Stock Exchange dated 7th May, 2025