Salasar Techno Engineering Ltd emerges highest bidder in acquisition of EMC Ltd

Salasar Techno Engineering Limited ('the Company') has emerged as the highest bidder in the acquisition of M/s EMC Limited (under Liquidation) through an EAuction facilitated by the Liquidator, as appointed by the Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench, pursuant to Order IA No. 842/KB/2023. The auction took place on Thursday, March 14, 2024, from 03:00 P.M. to 05:00 P.M., with the highest bid amounting to Rs. 178,00,00,000/- (Rupees One Hundred Seventy-Eight Crores Only).

'SALASAR' has been officially announced as the successful bidder and Letter of Intent has been issued by the Liquidator. This letter outlines the terms and conditions necessary to finalize the sale of the company as a going concern, including the balance sale payment by Successful Bidder as per the provisions of the Insolvency and Bankruptcy Code and the Liquidation Process Regulations.

EMC Limited (Formerly known as Electrical Manufacturing Company Limited), is a company limited by shares incorporated on 12th July, 2010 under the provisions of the Companies Act, 1956 (earlier, entity got amalgamated with the Company which was incorporated on 18 May, 1853). The company has grown into a large EPC (Engineering, Procurement & Construction) organization and has record of completing large projects. The company has been in overseas business since early 1970's and exported galvanized steel towers, conductors and hardware items but of late the company is taking up turnkey orders (EPC Projects) in power transmission and substation sectors.

Source : Equity Bulls

Keywords

SalasarTechnoEngineering HighestBidder EMC EAuction