Artson Engineering clarifies on news item regarding strategic investor

With reference to the news item appearing in a leading financial daily titled "Artson shines on due diligence talk", Artson Engineering Ltd has clarified to BSE that the Company is a BIFR Company and has been looking forward to Equity participations / Strategic Partner to meet its commitments to the Banks for one time settlement of the debt.

In this connection, BIFR Authories has nominated M/s. Bank of India as operating Agency to finalise the Rehabilitation Package.

Consequent to above, the Company is in talks with possible Investors / Strategic Partners for Investments and financing arrangements.

Presently, the Company is executing Contracts for Essar Projects, Reliance Refinery at Jamnagar, Reliance at Chennai & an Export Order for M/s. HEISCO at Kuwait. The Order Book Position is about Rs 50 Crores. Further, Four Tenders - 2 in UAE & 2 in India of over total Rs 400 Crores in partnership with a major Indian Project Engineering Company are in negotiations where the Company's Share is expected to be over 100 Crores on materialization of the same.

The Prospective interested Investors are carrying out their respective investigations / diligence. The Company as soon as able to reach an Agreement with a suitable partner.

Source : Equity Bulls

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