STEL acquires EMC for Rs 178 crore

Salasar Techno Engineering Ltd (STEL) has completed the process to acquire EMC Ltd through an insolvency process.

In a latest filing dated May 20, the firm said that the "acquisition has been executed in compliance with the terms and conditions" and that a "sale certificate has been issued by the Liquidator in favor of Salasar confirming completion of sale".

The total acquisition cost of the engineering, procurement and manufacturing (EPC) firm is Rs 178 crore, STEL said in a statement.

On the objectives behind the acquisition, STEL said the integration of EMC Ltd will strengthen its market position as a leading engineering and infrastructure company.

STEL is also into manufacturing of steel structures.