M/s AK Global Steel has expressed its unwillingness to proceed with the execution of the agreement for the disposal of used windmill/ Scrap from the Wind Power Division situated at Dhank, Rajkot.
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Prashant India Ltd informed BSE that the buyer it had selected for selling used windmill and scrap from its Wind Power Division at Dhank, Rajkot has backed out of the deal. The company had earlier approved M/s AK Global Steel (Surat) as the highest bidder at ₹1.30 crore for the scrap, but the buyer has now declined to sign the agreement. As a result, the proposed sale stands cancelled for now. The management said it will explore alternative options to dispose of the asset and update the stock exchange in due course.
This is a negative but small development — a modest ₹1.30 crore asset sale falls through, meaning the company holds on to the scrap a bit longer. It is unlikely to move the stock meaningfully, but it signals that the wind power division's asset monetisation is delayed.