Salasar Techno acquires EMC Ltd via National Company Law Tribunal

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Salasar Techno acquires EMC Ltd via National Company Law Tribunal

Salasar Techno acquires EMC Ltd via National Company Law Tribunal

Industry News
Mar 19,24

Salasar Techno has grown into a large EPC (Engineering, Procurement & Construction) organisation. It has completed large projects for both private and public sector enterprises

Salasar Techno acquires EMC Ltd via National Company Law Tribunal

Delhi-based Salasar Techno Engineering, a leading engineering and infrastructure solution provider, has successfully bid for acquisition of EMC Limited (under liquidation). The acquisition was facilitated through an e-auction by the liquidator, as appointed by the National Company Law Tribunal (NCLT), Kolkata Bench.

According to a company statement, it emerged as the highest bidder in the auction held on 14 March, 2024 . It placed the highest bid amounting to Rs 178 crore.

"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 finalise 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," it said in a filing.

EMC Limited, formerly known as Electrical Manufacturing Company Limited, is a company limited by shares incorporated in 2010 under the provisions of the Companies Act, 1956.

Salasar Techno has grown into a large EPC (Engineering, Procurement & Construction) organisation. It has completed large projects for both private and public sector enterprises. The company specialises in offering turnkey EPC services for the Railway and Power sectors, along with designing and manufacturing telecom towers, monopoles and other heavy steel structures.

Recently, a joint venture of state-owned Rail Vikas Nigam Ltd (RVNL) and Salasar Techno bagged a transmission project worth around Rs 174 crore in Madhya Pradesh. While RVNL holds 51 per cent stake in the JV, Salasar Techno owns the remaining 49 per cent stake.

The order from Madhya Pradesh Power Transmission Company Ltd involves the construction of 132 KV (kilovolt) and 220 KV transmission lines and associated feeder bays on total turnkey basis in eastern part of the state. The project will be executed in 18 months.