M&A

Helios Photovoltaic’s acquisition by OCL Iron & Steel for Rs.113-Cr gets NCLT nod

Economic Times  

The National Company Law Tribunal (NCLT) has approved the acquisition of New Delhi-headquartered Helios Photo Voltaic Ltd , earlier known as Moser Baer Photo, by Rajgangpur, Odisha-based OCL Iron & Steel Ltd through an insolvency resolution process.Helios manufactures solar energy equipment including optical media storage products, photovoltaic cells, thin film modules, panels and other electrical equipment.The company’s resolution professional received claims of over INR 1,034 crore and the firm’s admitted liabilities stand at INR 723 crore. OCL Iron & Steel proposes to pay INR 113 crore to acquire the company.

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