Gujarat Ambuja bails out Gujarat Hi-Tech - Views on News from Equitymaster

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Gujarat Ambuja bails out Gujarat Hi-Tech

Jun 15, 1999

Cement major, Gujarat Ambuja has proposed to buy out the assets of Gujarat Hi-Tech Industries for Rs 120 m. The draft rehabilitation scheme for the sick company prepared by the Board for Industrial and Financial Reconstruction (BIFR) envisages the sale of all moveable assets of GHIL including plant, equipment, machinery, land, mining rights, excluding book debts and current assets for Rs 120 m.

Gujarat Ambuja's offer is however, subject to the condition that it will purchase the assets without any liability whatsoever and that the assets are free from encumbrances. It has also clarified that it will not assume any responsibilities wither for labour and labour dues, nor for employment of labour.

GHIL had set up a plant to manufacture Oil Well Cement and Sulphur Resistant Cement in 1988. The company was subsequently declared sick in 1995. Gujarat Ambuja was the only bidder for the company. The cost of rehabilitation has been worked out to Rs 200 m. Apart from the purchase consideration of RS 120 m, Gujarat Ambuja will incur an expenditure of RS 50 m to bring the plant to working condition. Another Rs 30 m will need to be infused as working capital requirement.

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