GMM Pfaudler Limited has emerged as a successful bidder to acquire HDO Technologies Ltd’s assets in liquidation process. The technology process solutions provider will acquire the assets, including land, building, plant and machinery for a consideration of ₹58.46 crore.

The acquisition will enhance capacity and augment the capabilities in heavy engineering for GMM Pfaulder.

HDO Technologies Limited's manufacturing facility is spread across 11.9 acres in Vatva, Ahmedabad. The plant has seven manufacturing bays and is equipped to manufacture a wide range of heavy engineering equipment with a crane lifting capacity of 200 tonnes, deep-hole drilling, plate rolling capabilities, strip cladding capabilities.

GMM Pfaudler informed that it had participated in the e-auction process to sell assets, including factory land, building, plant and machinery, office equipment, computers, furniture and fixtures, vehicles and capital work in progress, owned by HDO Technologies Limited. This was in accordance with the process memorandum dated February 23, 2021 issued by HDO Technologies' liquidator under the provisions of Insolvency and Bankruptcy Code, 2016 vide the order by Mumbai Bench of NCLT dated June 28, 2018. GMM Pfaudler was declared the successful bidder by the liquidator.

Tarak Patel, Managing Director of GMM Pfaudler Ltd, said, "We are very excited with this acquisition as it will significantly enhance our capacity and augment our capabilities in Heavy Engineering and at the same time will free up capacity at our Karamsad facility to expand our Glass Lined business. (This is) a very timely opportunity that fits perfectly with our long term strategy of growing all our business lines."

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