CG Power & Industrial Solutions has initiated a postal ballot process to appoint Price Waterhouse Chartered Accountants LLP as its statutory auditors. The move aims to fill the casual vacancy created by the resignation of M/s. SRBC & CO LLP, Chartered Accountants.

The Board of Directors approved the appointment on August 19, 2026, based on the recommendation of the Audit Committee. The new auditors will hold office from August 19, 2026, until the conclusion of the company’s 90th Annual General Meeting in 2027.

Auditor Transition Details

SRBC & CO LLP resigned effective August 14, 2026, following the rotation of auditors at the holding company, Tube Investments of India Limited. TII’s existing auditors, S.R. Batliboi & Associates LLP, demitted office after completing their ten-year tenure.

CG Power stated that aligning its statutory auditors with those affiliated to the same network as TII’s appointed firm would enable better coordination. This alignment is intended to bring efficiency and synergy to the audit process, given that CG Power and its subsidiaries constitute more than 50% of the holding company’s consolidated financial statements.

Remuneration and Terms

The annual remuneration for Price Waterhouse Chartered Accountants LLP is set at ₹1.58 crore, excluding taxes and out-of-pocket expenses. This fee represents a 7% increase compared to the fees paid to the outgoing auditors for the last two financial years.

Voting Process

Shareholders holding shares as on August 21, 2026, are eligible to vote via remote e-voting. The voting period commences on August 27, 2026, at 9:00 am and concludes on September 25, 2026, at 5:00 pm. The results will be announced by September 29, 2026.

Price Waterhouse Chartered Accountants LLP confirmed it holds a valid peer review certificate from the Institute of Chartered Accountants of India and is not disqualified for appointment under the Companies Act, 2013.

Axiro Semiconductor Private Limited, a wholly owned subsidiary of CG Power & Industrial Solutions , has completed the acquisition of 100% of Tosil Systems Private Limited. The transaction, valued at ₹16.44 crore, was finalized on August 20, 2026, involving the purchase of all 5,00,000 equity shares from unrelated individual shareholders.

The completion follows the execution of a definitive Securities Purchase Agreement disclosed on August 17, 2026. With the transfer of shares, Tosil has become a wholly owned subsidiary of Axiro under Section 2(87) of the Companies Act, 2013. CG Power notified the stock exchanges of the completion under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Rationale

The acquisition strengthens Axiro’s semiconductor design capabilities by integrating Tosil’s nine-year-old engineering services. Tosil provides silicon design, verification, physical implementation, embedded software, Linux BSP development, and Edge AI engineering services to global semiconductor and electronics OEMs. These offerings complement Axiro’s existing business by adding embedded, silicon, and application engineering design and development services.

The transaction does not constitute a related-party transaction, with the sellers having no connection to CG Power, Axiro, or their promoter groups.

Financial Profile of Target

Tosil Systems reported a turnover of ₹11.94 crore for the fiscal year ended March 31, 2026. This represents an increase from ₹11.12 crore in FY25 and ₹6.95 crore in FY24. The target company has an issued and paid-up equity share capital of ₹50 lakh.

What the Numbers Show

The acquisition price of ₹16.44 crore implies a valuation multiple of approximately 1.38 times Tosil’s FY26 turnover of ₹11.94 crore. This multiple is significantly lower than the implied multiple based on FY24 turnover (₹6.95 crore), reflecting the target’s revenue growth trajectory. The three-year turnover data points indicate consistent expansion, with revenue rising from ₹6.95 crore in FY24 to ₹11.94 crore in FY26.