Isgec Heavy Engineering Ltd. has announced the sale of its entire shareholding in Bioeq Energy Holdings One, Cayman Islands, along with several step-down subsidiaries and an associate company. The transaction was formalized through a Sale and Purchase Agreement (SPA) between Isgec Investments Pte. Ltd., Singapore (the seller), and Triumph Excel Limited (the buyer) on December 9, 2024.
As part of the deal, the following companies will cease to be part of Isgec’s group:
- Bioeq Energy Holdings One, Cayman Islands
- Bioeq Energy Pte. Ltd., Singapore
- Bioeq Energy B.V., Netherlands
- Bioeq Energy Holdings Corp., Philippines
- Bukid Verde Inc., Philippines
- Cavite Biofuels Producers Inc., Philippines
- Penwood Project Land Corp., Philippines (associate company)
The transaction is subject to the completion of specific conditions, including consents from lender banks. Upon the completion of these conditions, Isgec will receive a consideration of USD 10 million (approximately INR 84.5 Crores), with additional payments tied to trade receivables and loan assignments, totaling USD 39.05 million (approximately INR 330 Crores) and USD 29.66 million (approximately INR 250 Crores), respectively.
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