NARCL takes over Kay Bouvet's Rs 1000 crore debt after unopposed bid.

NARCL takes over Kay Bouvet's Rs 1000 crore debt after unopposed bid. The government-backed National Asset Reconstruction Company Limited has secured the heavy engineering company's debt through a Swiss challenge auction where no competing bids emerged. NARCL's Rs 130 crore offer, which provides banks with 13% recovery through a mix of cash and security receipts, will proceed following the March 24 bidding deadline. Kay Bouvet, which designs and manufactures specialized equipment for nuclear energy, power, defence and space sectors, operates facilities across Maharashtra and Haryana. This acquisition represents a significant consolidation of stressed assets in India's industrial sector and marks a potential final major transaction for NARCL this fiscal year.