Welspun Corp has announced the acquisition of Nauyaan Shipyard Private Limited as a Wholly Owned Subsidiary to be used as a special purpose vehicle for organic & inorganic growth in the marine field. The Hon'ble Supreme Court had by its order dated 26 August 2022 directed the Liquidator of ABG Shipyard to conclude the sale of specified assets of ABG Shipyard Limited within a period of 4 weeks from the date of the said Order. Pursuant to the said SC Order and the bid process document dated August 24, 2021 issued by the Liquidator and as amended from time to tim, the Liquidator had invited submission of Bids by eligible bidders in terms of the said Process Memorandum.The Liquidator of ABG Shipyard Limited has declared Welspun as a successful bidder in terms of the Process Memorandum for the private sale of specified assets of ABG Shipyard Limited (in liquidation) under the provisions of the Insolvency & Bankruptcy Code, 2016In terms of Clause 6.8 of the Process Memorandum read with the Clause 2 of the Award Letter issued by the Liquidator, Welspun Corp Limited and its wholly owned subsidiary has paid, on September 21 2022, INR 659 crore (plus applicable taxes) towards the entire purchase consideration, the break-up of which is as under.
Welspun Corp has announced the acquisition of Nauyaan Shipyard Private Limited as a Wholly Owned Subsidiary to be used as a special purpose vehicle for organic & inorganic growth in the marine field. The Hon'ble Supreme Court had by its order dated 26 August 2022 directed the Liquidator of ABG Shipyard to conclude the sale of specified assets of ABG Shipyard Limited within a period of 4 weeks from the date of the said Order. Pursuant to the said SC Order and the bid process document dated August 24, 2021 issued by the Liquidator and as amended from time to tim, the Liquidator had invited submission of Bids by eligible bidders in terms of the said Process Memorandum.The Liquidator of ABG Shipyard Limited has declared Welspun as a successful bidder in terms of the Process Memorandum for the private sale of specified assets of ABG Shipyard Limited (in liquidation) under the provisions of the Insolvency & Bankruptcy Code, 2016In terms of Clause 6.8 of the Process Memorandum read with the Clause 2 of the Award Letter issued by the Liquidator, Welspun Corp Limited and its wholly owned subsidiary has paid, on September 21 2022, INR 659 crore (plus applicable taxes) towards the entire purchase consideration, the break-up of which is as under.
