Bazel International Acquires SR Industries Via NCLT Corporate Resolution Process
Bazel International Acquires SR Industries Via NCLT Corporate Resolution Process
Bazel International Ltd, a BSE-listed Non-Banking Financial Company (NBFC), proudly announces its acquisition of SR Industries Ltd. through the corporate resolution process facilitated by the National Company Law Tribunal (NCLT).
With this acquisition, Bazel becomes the majority shareholder of SR Industries and takes full ownership of its advanced footwear manufacturing plant in Una, Himachal Pradesh. This strategic move was financed through equity sales and contributions from Bazel’s associates, underscoring the company’s financial strength.
Post-acquisition, Bazel has restructured the board of SR Industries, appointed new directors, and is currently reviewing the shareholding pattern to align with long-term strategic goals.
Requesting anonymity, a Company Spokesperson told Bizz Buzz, “This acquisition signifies Bazel International's foray into the footwear sector. By leveraging SR Industries' advanced facility and our financial strength, we are committed to driving growth and delivering value to all stakeholders.”
With SR Industries under its wing, Bazel aims to capitalize on the growing demand for stylish, comfortable, and sustainable footwear. Plans include launching a new footwear brand to capture significant market share in the evolving industry landscape.
The introduction of mandatory BIS certification for large and medium-sized manufacturers, coupled with promising growth prospects in the footwear sector, presents a unique opportunity. Bazel International Ltd is confident that SR Industries will emerge as a leading player in the market, driving sustainable growth and delivering exceptional value to stakeholders.
About Bazel International:
Founded in 1982 and based in New Delhi, Bazel International Ltd is a BSE-listed NBFC offering credit facilities, including business loans and working capital financing. The company applied as a Resolution Applicant for SR Industries in May 2023, with the Resolution Plan receiving NCLT approval in July 2024.
