Please find herewith enclosed disclosure with respect to submission of binding offer for potential acquisition of EPC business of Gammon Engineers and Contractors Private Limited.
Price
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Awaiting price reaction for this filing.
Hazoor Multi Projects Limited (HMPL) has formally submitted a binding offer to the lenders of Gammon Engineers and Contractors Private Limited (GECPL) for the potential acquisition of part of GECPL's Engineering, Procurement and Construction (EPC) business. GECPL, a subsidiary of listed Gammon India Limited, is a 102-year-old engineering and construction firm with operations across roads, railways, metros, power, irrigation, ports and marine sectors. The lenders of GECPL are currently exploring restructuring options under RBI's Prudential Framework for Resolution of Stressed Assets (June 7, 2019). The deal is subject to necessary approvals, completion of procedural formalities and acceptance by the lenders. HMPL sees this as a strategic move to strengthen its EPC portfolio and expand its infrastructure presence.
If the acquisition goes through, it could significantly scale up HMPL's EPC business and give it access to a legacy infrastructure platform, which is positive for long-term growth. However, the deal is still at the binding-offer stage with uncertainty around lender approval and final structure, so near-term stock reaction may depend on further clarity on deal size and valuation.