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J Kumar Infraprojects has received approval from the bankruptcy court to acquire Pranav Construction Systems Pvt Ltd. The Mumbai-based infrastructure firm will pay ₹45 cr for the acquisition, addressing Pranav Construction's admitted liabilities of around ₹212 cr. Before the court's approval, lenders had already given their unanimous support to the revival plan.
Pranav Construction Systems specialises in the manufacture of fabrication and precast iron structures. J Kumar Infraprojects, the successful bidder, has notable experience in constructing metro-rail projects in key cities such as Mumbai, Delhi, and Ahmedabad.
The target company, Pranav Construction Systems, is involved in the design, manufacturing, supply, and installation of precision-oriented form works, scaffoldings, centring material, and accessories for RCC concrete casting. These products find application in housing, metro, and monorail projects. For J Kumar Infraprojects, this acquisition is viewed as a strategic move to enhance its supply chain.
The resolution plan, approved by the Mumbai bench of the National Company Law Tribunal (NCLT), holds binding implications for various stakeholders. This includes the corporate debtor, its employees, members, creditors with outstanding dues under prevailing laws, guarantors, and other stakeholders engaged in the resolution plan.
The lenders' unanimous approval of the revival plan indicates a positive outlook for the acquisition and the prospects of Pranav Construction Systems under J Kumar Infraprojects' ownership. This move aligns with J Kumar Infraprojects' expertise in infrastructure development, particularly in the metro-rail sector, and signifies their strategic intent to augment their supply chain capabilities through this acquisition.
The acquisition of Pranav Construction Systems by J Kumar Infraprojects has been granted the necessary approvals from both lenders and the NCLT. With a focus on the manufacturing of key infrastructure components, this strategic move is poised to contribute to J Kumar Infraprojects' continued success in the construction and development sector.
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