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Bids invited for Nicco Corporation, reserve price set at Rs 231.48 crore

IANS  |  Kolkata 

The expression of interest (EoI) has been invited from investors for acquisition of assets of the city-based Nicco Corporation and the reserve price for sale has been set at Rs 231.48 crore, according to the document.

The bench of the (NCLT) in October 2017 had ordered for "liquidation" proceedings against the debt-laden after its lenders voted against the resolution plan.

"Regulation 32 of the regulations permits the liquidator to sell the assets of the Company in a slump sale... the liquidator invites for the acquisition of the sale assets, by way of slump sale," the document said.

It is to be expected that the applicants acquiring the assets of the company will endeavour to run the concern or business of company after acquisition of the sale assets, it said.

Slump sale implies that all assets will be sold as a single unit.

The company is one of the oldest companies in engaged in the business of manufacturing and marketing various types of power, electrical and specialty cables.

According to the document, company's manufacturing unit in West Bengal's Shyamnagar, Odisha's Baripada, and office spaces in and Mumbai, among others, are listed for sale.

The company's 25 per cent holding in (NPRL) is also listed for sale but the sale of NPRL shares is subject to the rights of and under the joint venture agreement.

In the sale process, investors can submit bids for acquiring the assets including the 25 per cent share in or excluding it.

"The reserve price of the sale assets as a whole exclusive of all taxes, levies, duties or any registration fees or any other fees/ charges is as (i) where the bid pertains to the sale assets excluding the NPRL shares, the reserve price shall be Rs. 184.98 crore; (ii) where the bid pertains to the sale assets including NPRL shares, the reserve price shall be Rs. 231.48 crore," the document said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 22:24 IST