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.

CG Power & Industrial Solutions has appointed M/s. Price Waterhouse Chartered Accountants LLP as its statutory auditors, effective August 19, 2026. The Board of Directors approved the move based on the recommendation of the Audit Committee to fill a casual vacancy created by the resignation of the previous firm, M/s. S R B C & CO LLP.

The new appointment remains subject to the approval of the company's members at the upcoming Annual General Meeting (AGM). CG Power stated it will seek this approval within the timelines prescribed under the Companies Act, 2013.

Appointment Details

The term for Price Waterhouse Chartered Accountants LLP extends from August 19, 2026, until the conclusion of the company’s 90th AGM, scheduled for 2027. The firm holds Firm Registration Number 012754N/N500016 with the Institute of Chartered Accountants of India.

Auditor Profile

Price Waterhouse Chartered Accountants LLP was established in 1991 and converted into a limited liability partnership in 2014. The firm operates from its registered office in New Delhi and maintains 17 branch offices across India. As of April 1, 2026, the firm employed more than 120 Assurance Partners.

The entity is a member firm of Price Waterhouse & Affiliates, a network registered with the Institute of Chartered Accountants of India. The firm primarily provides auditing and assurance services to clients, including various companies listed on Indian stock exchanges, and holds a valid peer review certificate.