Salasar Techno highest bidder for takeover of EMC via e-auction | View the details here
The filing stated that the acquisition is subject to the conditions prescribed in the Insolvency & Bankruptcy Code, 2016 (IBC) and the provisions and regulations thereunder.
New Delhi: Days after securing multiple orders worth Rs 1,033 crore in Tamil Nadu, Salasar Techno Engineering Limited has emerged as the highest bidder in the acquisition of EMC Limited (under liquidation) through an auction by the liquidator, as appointed by the National Company Law Tribunal (NCLT). ), Kolkata Bank. The company said in a stock exchange filing that it emerged as the highest bidder at the auction held on Thursday. It placed the highest bid worth Rs 178 crore.
“Salasar has been officially announced as the successful bidder and a letter of intent has been issued by the liquidator. This letter outlines the conditions necessary to complete the sale of the business as a going concern, including payment of the balance by the successful bidder in accordance with the provisions of the Insolvency and Bankruptcy Code and the Liquidation Process Regulations. .
The filing stated that the acquisition is subject to the conditions prescribed in the Insolvency & Bankruptcy Code, 2016 (IBC) and the provisions and regulations thereunder. Earlier, Salasar Techno Engineering Ltd. said. on Wednesday that it had bagged multiple orders worth Rs 1,033 crore in Tamil Nadu.
The seven orders are from Tamil Nadu Generation and Distribution Corporation Ltd., the company said in a statement. STEL will provide a comprehensive turnkey service (except pole and base plate supply) in the Coimbatore district of Tamil Nadu. “Under the framework of the renewed reform-based and results-oriented distribution sector programme, we are ready to provide a comprehensive turnkey service,” a company spokesperson said.
The company’s commitment extends to developing distribution infrastructure in several key districts, prioritizing reducing losses and improving operational efficiency, the spokesperson said. STEL is a manufacturer of steel structures and an EPC infrastructure company (engineering, procurement and construction).
(With PTI inputs)