- **CG Power is fundamentally an electrical engineering company that has spent nearly nine decades learning how to move, control, and connect electricity - from the motors that spin factory floors to the transformers that step power across continents. It began in 1937 as Crompton Greaves, and after a consumer-business demerger in FY 2015-16, the real reset came in 2020 when Tube Investments (part of the 124-year-old Murugappa Group) took control of a financially stressed company, cleared its debt, and set it on a path of disciplined expansion. The recurring approach is to own the core of electrical infrastructure - motors, transformers, switchgear - and then stretch outward into adjacent technologies like railway signalling, factory automation, and now semiconductor design and packaging, each move funded by the cash flows of the businesses that came before.** # Business segments Four engines at different stages - a motors-and-railways cash cow, a transformer-and-switchgear order-book giant, a consumer platform rebuilding its national reach, and a semiconductor bet under construction - each built with the cash flows of the one before. ## 1. Industrial Systems: the motors, drives, and railways backbone **CG is India's largest low-tension motor maker, and it uses that installed base to pull through factory automation, railway traction, and consumer electrical goods - a one-stop-shop for anything that spins or moves.** - **Largest motor maker in its class** - CG holds roughly 38-39% of the Indian low-tension (LT) motor market, and more than 60% of motors for hazardous areas, including over 90% of the single-phase flame-proof motors used in fuel-dispensing machines. It was the first in India to design a full range of high-efficiency IE2-to-IE4 motors, and has since introduced IE5 motors that cut energy losses by up to half compared with older IE2 induction motors, using a design that needs no rare-earth materials. - **Factory automation with a European brain** - the drives and automation business runs under the Emotron brand, which CG acquired from Sweden in 2011, and now makes AC drives from 0.75 kW up to 4,000 kW, soft starters, and power-conversion systems for battery storage, with production in India, Sweden, and Germany and direct sales offices in Morocco and South Africa. - **Service locks in the installed base** - a dedicated service business provides lifecycle support - preventive care, breakdown response, retrofits, and long-term contracts - across the entire motor and drives population, which keeps customers tied to CG for decades after the initial sale. ## 2. Power Systems: the transformer and switchgear order-book giant **CG makes the heavy equipment that moves electricity from power plants to wall sockets - transformers up to 765 kV and switchgear that protects the grid - and it is doubling its factory capacity to feed a global order backlog that stretches several quarters ahead.** - **Transformers from 160 kVA to 1,500 MVA** - the transformer business covers the full range, from distribution transformers that serve neighbourhoods to generator transformers that step up power-plant output, plus specialised units for locomotives, solar inverters, and data centres. During FY26, total manufacturing capacity jumped from 42,400 MVA to 74,900 MVA, and a greenfield plant in Madhya Pradesh will add another 45,000 MVA by FY28, taking the total to roughly 120,000 MVA. - **The order book is the moat** - the Power Systems division ended FY26 with an unexecuted order backlog of INR 12,644 crores, including the largest single domestic transformer order in CG's history (a 765 kV package for PowerGrid worth INR 641 crores) and its largest export order (roughly INR 900 crores for hyperscale data-centre transformers for a US customer). - **Switchgear that protects the grid** - CG is the only Indian manufacturer of 800 kV bushings that meet seismic Zone V requirements, and its Nashik plant houses one of the world's five largest indoor high-voltage test laboratories at 1,600 kV. A INR 748-crore greenfield expansion, approved in December 2025, will double switchgear capacity across all product lines, with the first phase starting in April 2027. - **Turnkey substations close the loop** - the Engineering Projects Division can build an entire air-insulated substation up to 765 kV or a gas-insulated substation up to 220 kV on a turnkey basis, having already commissioned 130 air-insulated and 15 gas-insulated substations across more than 15 Indian states. That means CG can sell the transformer, the switchgear, and the construction as a single package. ## 3. Fast-Moving Electrical Goods: the consumer platform rebuilding its reach **CG re-entered the consumer electricals market in 2019 after a three-year absence, and is now rebuilding a national brand in fans, pumps, and small appliances - a volume business that puts the CG name into millions of homes.** - **Pumps for homes, farms, and industry** - the portfolio spans domestic pumps, agricultural borewell submersibles (V4 to V8), industrial pumps for fire-fighting and sewage, and pressure washers, with new MNRE-certified solar pumps that qualify for government schemes like KUSUM. - **Fans and appliances with an energy-efficiency pitch** - the fan range includes BLDC models that deliver up to 60% energy savings, while the appliances line covers air coolers, water heaters, room heaters, irons, kettles, and choppers. During FY26, the business introduced more than 150 new SKUs and expanded its authorised service network to over 425 centres. - **A digital loyalty backbone** - the CG Vishwas app acts as a paperless warranty-registration platform and a loyalty hub for retailers, plumbers, and consumers, which helps the company track its installed base and drive repeat purchases. ## 4. Semiconductors: the green-energy bet under construction **CG has entered the semiconductor value chain at both ends - designing radio-frequency chips through its Axiro subsidiary and packaging chips through its CG Semi joint venture - making it one of the earliest Indian companies to build an outsourced assembly and test operation.** - **CG Semi: a chip-packaging factory in Gujarat** - the first facility (G1) in Sanand was inaugurated in August 2025 and will operate at a peak capacity of 0.5 million units per day, or up to 300 million units per year, with Renesas as its technology partner and Japan-led quality standards. A second facility (G2), three kilometres away, is under construction and will scale to roughly 14.5 million chips per day once completed by end-2026. - **Government backing de-risks the build** - the two facilities together represent an estimated project investment of about INR 7,600 crores, with the central government's India Semiconductor Mission covering INR 3,501 crores and the Gujarat state government adding roughly INR 1,400 crores in support. CG Semi has already completed qualification with a leading global integrated device manufacturer on its first attempt, with mass production expected in FY27. # Group structure and partners **CG sits inside the Murugappa Group, with Tube Investments of India holding 58% - and its recent expansion has been built through a series of targeted acquisitions and joint ventures that bring technology or market access.** - **Holding and heritage** - Tube Investments of India Limited, part of the 124-year-old Murugappa Group, holds 58.07% of CG and has been the controlling shareholder since November 2020, when it rescued the company from severe financial stress. - **Subsidiaries that extend the portfolio** - CG Drives and Automation (acquired as Emotron in 2011) runs European operations from Sweden, Germany, and the Netherlands; Axiro Semiconductor (acquired from Renesas in 2025) operates through step-down subsidiaries in the US, Turkey, and China; CG Semi is a joint venture with Renesas and Stars Microelectronics of Thailand; and G.G. Tronics (55.6% stake, acquired 2024) adds railway signalling electronics. - **Clean-up of the pre-Murugappa legacy** - multiple overseas subsidiaries from the earlier era have been liquidated, dissolved, or sold, including entities in Belgium, Hungary, the UK, the Middle East, and Indonesia, while the company's Global Depository Receipts were delisted from the London Stock Exchange in 2021.