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Thapars may up stake in Crompton Greaves
PRESS TRUST OF INDIA
New Delhi, Feb 18: The Delhi-based BM Thapar group is likely to increase its stake in ailing Crompton Greaves India (CGI) Ltd, up to 51 per cent from the present 30 per cent, despite the company's poor financial health. CGI chairman KK Nohria said: "Knowing Thapars psychologically, I think they will increase their stake in the company, maybe up to 51 per cent, despite its poor financial performance. They see long-term gains, specially in the power sector."He said, even at present, Thapars effectively hold 43 per cent stake, since they hold preemptive rights over the 13 per cent stake of CGI's UK-based partner Invensys. "The remaining 8 per cent could be bought from either public or foreign institutional investors (FIIs) or even from banks for wresting majority control," Mr Nohria said. When contacted, Ballarpur Industries Ltd (Bilt) managing director Gautam Thapar said: "We are not ruling out a stake hike but nothing is on the cards just now. Our investment in CGI is at status quo. Let's see if demand picks up in the power sector." Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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