With High Debts of Rs 370 Cr, Su-Kam to Face Auctions

In April 2018, the tribunal admitted Su-Kam to be a Non-Productive Asset (NPA).

In November 2017, SBI, owing to the high debts, had referred Su-Kam to the National Company Law Tribunal (NCLT) for bankruptcy proceedings.

In April 2018, the tribunal admitted Su-Kam to be a Non-Productive Asset (NPA).

Now up for bidding, Su-Kam has a list of potential buyers awaiting the auction process which is expected to be held after the deadline of binding bid submission i.e. August 10.

The list of interested buyers includes Private equity fund Carlyle Group, special situations investor Aion Capital and France’s Schneider Electric.

The interest shown by Carlyle Group and Aion Capital is clearly seen as an endeavor to crack deals in the insolvency space where several well-known consumer brands are likely to be up for change of control.

Su-Kam is India’s largest power solutions provider including various solar products, UPS, batteries and customized solar solutions.

The reason of the company’s bankrupt situation is till now a hidden fact. From being nation’s top power solution provider, it dropped to be a debt ridden asset for the markets.