The Hindu Business Line : Cummins acquires CG Newage stake

CUMMINS India has informed the Bombay Stock Exchange that it has acquired 8,10,000 equity shares of Rs 10 each fully paid (40.5 per cent) in the share capital of CG Newage Electrical Ltd, Ahmednagar (CGNEL) from Crompton Greaves Ltd (38 per cent) and Janpath Investments & Holdings Ltd (2.5 per cent).

The shares are acquired at a price of Rs 220.50 per share amounting to a consideration of Rs 17.86 crore.

The company further states that Cummins Diesel Sales & Services India Ltd, a subsidiary of Cummins India Ltd, is holding 12 per cent of the equity share capital of CGNEL.

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