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With Heavy Outstanding Dues Su-Kam Is Up For Bidding

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Su-Kam Power Systems, India’s largest retail power solutions company  having dues outstanding of nearly ₹370 crore with IDBI Bank and State Bank of India having the largest share, is all set to be acquired.

Su-kam
Image for representational purpose only

Private equity fund Carlyle Group, special situations investor Aion Capital and France’s Schneider Electric are among potential suitors. All the suitors have submitted their expressions of interest and are expected to make binding offers by the deadline of 10 August, people having knowledge of the event informed Livemint.

The sources have also informed that there are three other potential bidders who are in the race to acquire Su-Kam. However, interest from Carlyle and Aion in Su-Kam underlines growing zeal among large private equity funds to crack deals in the insolvency space where several well known consumer brands are likely to be up for change of control.

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Livemint reported that the company was referred to the National Company Law Tribunal (NCLT) for bankruptcy proceedings by SBI in November last year. It was admitted in April by the court, following which Rajiv Chakraborty, partner, PwC India, was appointed resolution professional.

Carlyle has so far invested only in pure play growth and buyout deals in India. The expected transaction would mark its foray into the bankruptcy space where several large assets have changed hands in recent months.

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