Hazoor Multi Projects Withdraws Offer for Gammon Engineers' EPC Business

Hazoor Multi Projects Ltd (HMPL) has withdrawn its binding offer for the potential acquisition of the EPC business of Gammon Engineers and Contractors Private Limited (GECPL). The decision follows a detailed review of GECPL's physical progress, financial performance, and enhanced security cover requirements proposed by CRISIL. HMPL's senior executives concluded that the acquisition is not in the company's best interests due to concerns about operational viability and the risk-return profile not aligning with HMPL's strategic objectives. The board of directors has decided not to proceed with the acquisition.