The National Company Law Tribunal’s (NCLT) New Delhi bench has allowed a petition filed by the liquidator of Lotus Auto Engineering to sell the company as a going concern without its dissolution. A similar plea was also...
NCLT sets aside fresh demand raised against KSS Petron over dues
Once a moratorium begins under the Insolvency & Bankruptcy Code (IBC), no fresh demand or inquiry can be commenced with regard to past dues against the company, the bankruptcy court clarified on a recent application...
Trelleborg to buy KKR’s Minnesota Rubber and Plastics in $1 bln deal
Swedish engineering firm Trelleborg AB has agreed to acquire Minnesota Rubber and Plastics from private equity firm KKR & Co Inc for about $1 billion in cash, the companies said in a statement on Tuesday. The deal...
UK’s valve maker Spirax-Sarco in talks to acquire Vulcanic Group
Valve maker Spirax-Sarco Engineering said it had entered exclusive negotiations with French private-equity firm Qualium to acquire Vulcanic Group of Companies for 261.7 million euros ($272.87 million) on a cash-and-debt...
Jain Irrigation to merge Rs 4,200-cr worth global irrigation biz with Temasek-owned Rivulis
Jain Irrigation Systems Ltd on Tuesday said its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal, a move that will help the company reduce its consolidated debt by Rs 2,700...
Punj Lloyd goes into liquidation as lenders reject bid
The dedicated bankruptcy court admitted Atul Punj-promoted Punj Lloyd for liquidation after its lenders rejected the revival plan submitted by a consortium of Prudent ARC and Payard Investments. The company has admitted...
DSM announces 3.85 bln euro sale of engineering materials business
Dutch bioscience and foods company DSM announced the sale of its engineering materials subsidiary for 3.85 billion euros ($4.13 billion) to private equity firm Advent International and German chemicals company Lanxess...
NCLT admits petition for CIRP against EPC firm McNally Bharat Engineering
The Kolkata Bench of the National Company Law Tribunal (NCLT) on Friday admitted a petition to start an insolvency process against McNally Bharat Engineering Company Limited, the troubled engineering, procurement and...
Varroc looking to sell global lighting business for up to $650 million
Varroc Engineering, an auto component maker promoted by Tarang Jain, is likely to sell its global lighting business Varroc Lighting System (VLS) at an enterprise value of up to ₹600 million ($650 million) to a leading...
Parker wins EU antitrust nod for $8.2 billion Meggitt buy
U.S. engineering and aerospace group Parker-Hannifin won EU antitrust approval for its 6.3-billion-pound ($8.2 billion) planned acquisition of Britain’s Meggitt after pledging to sell a factory in the United...
Triveni Turbine arm to acquire 70% stake in S African firm TSE Engineering
Triveni Turbine on Wednesday said that its arm Mis Triveni Turbines DMCC has inked an agreement to acquire 70 per cent equity of TSE Engineering in South Africa for 11.9 million South African rands (around Rs. 6.17...
Reliance Infra submits resolution plan for Reliance Naval & Engineering
A company of Anil Ambani’s Reliance Group has submitted a resolution plan for another group firm, Reliance Naval & Engineering Ltd (RNEL), at a time when lenders have begun voting on two other proposals, two...
