Background and Chronology
- Continuation of earlier communications dated August 13, 2025, August 15, 2025, and August 18, 2025 regarding submission of binding offers to lenders of GECPL
- Original offer was for potential acquisition of part of GECPL's EPC business
Due Diligence and Assessment
- HMPL conducted detailed review of physical progress and financial performance of target company
- Review included assessment of enhanced security cover requirements proposed by CRISIL
- Comprehensive evaluation covered operational performance, financial viability, and associated risks
Decision and Rationale
- Senior Executives of HMPL concluded proceeding with acquisition would not be in company's best interests
- Board of directors decided not to move forward with the acquisition
- Target company's operations considered not viable
- Overall risk-return profile does not align with HMPL's strategic objectives
Compliance Status
Request to BSE to take the withdrawal on record and treat as compliance under applicable provisions of LODR Regulation