Hazoor Multi Projects Ltd submits binding offer for acquiring EPC business of Gammon Engineers and Contractors Pvt Ltd

Hazoor Multi Projects Limited (the "Company/HMPL") has formally submitted the binding offer (the "Offer") to the lenders of Gammon Engineers and Contractors Private Limited ("GECPL") for the potential acquisition of part of the Engineering, Procurement, and Construction ("EPC") business of GECPL, subject to all necessary approvals, completion of procedural formalities and acceptance of the Offer by the lenders.

GECPL has a proven track record in civil engineering and infrastructure development, executing projects across various sectors such as transportation, power, and urban infrastructure. It is currently engaged in EPC works for projects spanning roads, railways, metros, power, irrigation, ports, and marine sectors.

The lenders of GECPL are currently exploring restructuring options under the Reserve Bank of India's Prudential Framework for Resolution of Stressed Assets, dated June 7, 2019 (the "Stressed Asset Directions").

This proposed acquisition aligns with HMPL's strategy to strengthen its position in the EPC space, wherein it has a proven track record of execution. HMPL views this opportunity as a strategic fit to expand its EPC portfolio and enhance its presence in the infrastructure sector.

Source : Equity Bulls

Keywords

HazoorMultiProjects BindingOffer Acquisition EPCBusiness GammonEngineersandContractors