Gammon India Board approves changes in business transfer agreement

Gammon India today said its board has approved amendment to an agreement signed with its arm Gammon Retail Infrastructure for transfer of EPC business.

"The Board of Directors of the company at its meeting held on June 4, 2016, approved amendment to the Business Transfer Agreement (BTA)...Between the company and Gammon Retail Infrastructure, a wholly-owned subsidiary, for transfer of part of the civil engineering, procurement and construction business by way of a slump sale, on a going concern basis," Gammon India said in a BSE filing.

"As per the amendment to the BTA, the Board proposed a change in the "effective date" for transfer of the civil EPC business from March 30 to June 30, 2016, subject to the approval of shareholders and lenders. All other terms of the BTA as disclosed vide our letter dated February 12, 2016 remain unchanged," the company said.

Gammon India Ltd is a civil engineering construction company undertaking infrastructure, transportation and power projects, among others.