Ahmedabad based engineering major Oriental manufacturers (OMPL) and Kolkata based Nicco Corporation (NCL) have entered into an agreement to assign the project division of the NCL to a new company which will be majorly owned by OMPL. Meanwhile, NCL will continue to hold a minority stake in the new company.
NCL through its project division, is an established and recognized player in the engineering, procurement and construction (EPC) industry and caters to large customers in the Oil & Gas, Nuclear Power Plants and Steel sectors. The enterprise has longstanding experience and knowhow and provides a turnkey service to its clients covering projects conception, engineering, project management and commissioning.
However, the closing of the transaction will be subject to various customary consents and approval such as statutory, shareholder and lender projects. As a part of the deal, it is envisaged that NPD will assign selected on -going projects including all its in-line projects; all its employees; and all past credentials to the new company. Further, the transaction once closed, helps OMPL leap frog into the EPC sector using the brand value and knowledge built up by NPD over 20 years.
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