YES Bank, India\u2019s fourth largest private sector bank, said it has acquired 12.79% stakes in Electrical Engineering firm CG Power and Industrial Solutions as part of the invocation of a pledge.\n\n\n\nIt acquired over 8 crore of equity shares of CG Power submitted as collateral for a loan. The shares are valued at Rs 288 crores.\n\n\n\nPart of the Avantha Group, CG Power had a consolidated revenue of Rs 6,827 crore in FY 2017-18. \n\n\n\nYES Bank acquired shares from Avantha Group concern Oyster Buildwell Private Ltd after it failed to service the loan. \n\n\n\nCG Power, formerly known as Crompton Greaves, is one of the largest players in India in the electrical equipment and engineering industry. \n\n\n\nHeadquartered in Mumbai, it has manufacturing facilities in Goa, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Canada, Belgium and the United States.\n\n\n\nProceeds from sale of shares will be utilized to reduce loans secured by such shares, said YES Bank.\n\n\n\nEstablished in 2004 by Rana Kapoor and Ashok Kapoor, YES Bank has operations in commercial banking, investment banking, corporate banking, retail banking and financial marketing. It has 1,150 branches and over 1,800 ATMs in India.