Gammon India to transfer civil EPC business to its subsidiary
The civil EPC business includes projects in roads, hydropower, nuclear power, tunnels, bridges, buildings, cooling towers, chimneys and other sectors
Mumbai: Gammon India Ltd on Wednesday said it will transfer its civil EPC (engineering, procurement and construction) business to its wholly-owned subsidiary Gammon Retail Infrastructure Pvt. Ltd in order to allow potential equity investors to invest in the civil EPC business.
The civil EPC business includes projects in roads, hydropower, nuclear power, tunnels, bridges, buildings, cooling towers, chimneys and other sectors. The company has transferred these projects along with all the properties, rights and powers and all debts, liabilities, duties and obligations to Gammon Retail Infrastructure, Gammon India said in a BSE filing.
“The board is also evaluating proposals from potential investors for its civil EPC business," Gammon India said.
In August, Gammon India’s subsidiary Gammon Infrastructure Projects Ltd sold six road and three power projects to BIF India Holdings Pte. Ltd for about ₹ 563 crore. BIF is controlled by Canada-based Brookfield Asset Management Inc. and Core Infrastructure India Fund Pte. Ltd.
Gammon India, which had debt of ₹ 5,185.6 crore on 31 March, had entered a corporate debt restructuring exercise led by its lenders in September 2013.
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