CG Power and Industrial Solutions Ltd. restructured its business multiple times in the last six years, selling several of its assets including the crown jewel consumer appliances unit. But it continues to struggle with high debt. Yet, the maker of power transformers is now doing more of the same.
The company, which contributes 65 percent of the sales of Gautham Thapar-founded Avantha Group, will reorganise some of the overseas subsidiaries back into its operations after completing asset sales, merge one arm with itself, and convert private equity debt into equity, according to a March 8 statement. The move is aimed at shoring up investor sentiment amid concerns about debt and loans to the promoter group.
Shares of the power equipment maker…
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