Salasar Techno Engineering completes EMC’s acquisition for ₹178 crore
Upstox
1 min read • Updated: May 8, 2024, 3:35 PM
Summary
Salasar Techno Engineering Ltd (STEL) announced the successful completion of their acquisition of EMC Ltd. The total cost of the deal is ₹178 crore, with STEL making a final payment of ₹168 crore to finalise the purchase. This acquisition was made through an e-auction facilitated by a liquidator, highlighting EMC's previous financial struggles.
Salasar Techno Engineering Ltd (STEL) on Wednesday said it has paid ₹168 crore as balance payment to complete the acquisition of EMC Ltd through an insolvency process.
The total acquisition cost of the engineering, procurement and manufacturing (EPC) firm is ₹178 crore, STEL said in a statement. "Salasar successfully concludes the payment of ₹168 crore for acquisition of EMC Ltd. In March, Salasar bought EMC through an e-auction facilitated by the liquidator. The acquisition is valued at Rs 178 crore," it said.
On the objectives behind the acquisition, STEL said the integration of EMC Ltd will strengthen its market position as a leading engineering and infrastructure company. STEL is also into manufacturing of steel structures.
About Salasar Techno Engineering Limited:
Headquartered in India, Salasar started out as a tower manufacturer company in the year 2006. Salasar has fulfilled 50k+ telecom towers with 600+ happy clients and partners. At 3:21 PM, shares of Salasar technologies traded 1.53% higher at ₹19.95 apiece on NSE on 8 May, 2024.
With inputs from PTI.