Salasar Techno Engineering has emerged as the highest bidder in the acquisition of M/s EMC (under Liquidation) through an E-Auction facilitated by the Liquidator, as appointed by the Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench. The auction took place on 14 March 2024 with 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 finalize 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.