Salasar Techno Engineering Ltd (STEL) on Wednesday said it has paid Rs 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 Rs 178 crore, STEL said in a statement.
“Salasar successfully concludes the payment of Rs 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.
