Welspun Corp to sell assets worth $123.7 Million

Khaitan & Co advised Welspun Corp Limited on the transaction

Welspun Corp, the flagship firm of the Welspun Group, will sell its assets worth ?940 crore to two companies — Laptev Finance and Welspun Captive Power Generation.

The company has signed agreement with Laptev Finance to sell its plates and coils mill division for ?848.5 crore.

The business transfer agreement (BTA) was executed between the two parties on March 31, and the sale is expected to be completed by end of this year.

The consolidated revenues of PCMD was ?1,230 crore as on March 31, 2018.

Welspun Corp also said that it will sell 43 megawatt power plant to Welspun Captive Power Generation for ?66.9 crore.

The BTA between the two parties was executed on March 30, 2019 and the sale is expected to be completed by May 31, 2019.

WCPGL is part of Welspun Group, and Welspun Corp holds 19.75 per cent interest in the company.

Khaitan & Co advised Welspun Corp Limited with a team including Anuj Shah (Picture), Kartikeya Prakash, Gautam Suseel, Pratik Jain (M&A) and Anisha Chand (Antitrust)

Involved fees earner: Anisha Chand – Khaitan & Co.; Anuj Shah – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Welspun Corp Limited;

Author: Michael Patrini