Deals16 Mar 2024, 06:13 pm
Salasar Techno Engineering Emerges as Highest Bidder for EMC Limited in Rs. 178 Crore Auction
AI Summary
Salasar Techno Engineering Limited has been declared as the successful bidder in the acquisition of M/s EMC Limited (under Liquidation). The auction took place on March 14, 2024, with a highest bid of Rs. 178 crores. Salasar Techno Engineering will now work towards finalizing the sale as per the provisions of the Insolvency and Bankruptcy Code and the Liquidation Process Regulations. EMC Limited, a large EPC organization with a turnover of 7070.36 Lakhs (as on 31.03.2023) and net loss of 13,117.58 Lakhs (as on 31.03.2023), has been in overseas business since the early 1970s and is known for completing large projects in the power transmission and substation sectors.
Key Highlights
- Salasar Techno Engineering is the highest bidder for M/s EMC Limited
- The acquisition is valued at Rs. 178 crores
- EMC Limited is an EPC organization with a turnover of 7070.36 Lakhs and net loss of 13,117.58 Lakhs
- EMC Limited has been in overseas business since the early 1970s
- The sale is subject to the provisions of the Insolvency and Bankruptcy Code and the Liquidation Process Regulations