Published On:July 22 2019
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Sterlite Power, Welspun, IARC, others bid for Punj Lloyd.

Bankrupt engineering company Punj Lloyd has received initial bids from both strategic players and asset reconstruction companies, including Sterlite Power, Welspun Enterprises, International Asset Reconstruction Company(IARC), Rare ARC and Eight Capital, said a person aware of the development. A Singapore-based engineering company may also be a prospective bidder, said the person mentioned above. 

“Based on our experience in running the claims business for last two years, we will evaluate the claims of Punj Lloyd and submit a bid accordingly,” Eight Capital said in a mailed response to ET’s query. 

In the past, the stressed assets fund has acquired claims of Patel Engineering Company and has been running the process for the last two years, Eight Capital said. “We evaluate all opportunities that are allied to our business but do not comment on any specific transaction,” Sterlite Power said in a response to ET’s query. 

A mail sent to Welspun Enterprises remained unanswered. Ashwini Mehra, the courtappointed administrator, also did not respond to ET’s mailed query. IARC and Rare ARC could not be contacted. The last date for submission of final plans for the company’s resolution is August 14. 


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