Nyssa Corporation Limited has made a significant move towards expanding its operations with its latest initiative to acquire Camerich Papers Pvt. Ltd., a sick unit engaged in manufacturing activities located at Matel, Taluka Wankaner, Gujarat. The company had previously submitted an expression of interest on November 9, 2024, and a formal resolution plan was submitted to the Resolution Professional on December 17, 2024. This marked the beginning of the process, aiming for the revival and potential acquisition of the distressed company.

An addendum was introduced to the resolution plan on December 30, 2024, which was subsequently submitted to the Resolution Professional for further review. After deliberation, the amended resolution plan was approved by the Committee of Creditors (COC) on January 22, 2025. This approval is a crucial step towards finalizing the acquisition, but the plan will now need approval from the National Company Law Tribunal (NCLT), Ahmedabad to proceed further.

The NCLT approval is contingent upon the payment of Rs. 2.5 Crores within seven days of the resolution plan’s approval by the COC. This represents the company’s commitment to following through with the acquisition, subject to fulfilling the payment obligations set out in the plan.

This move is in line with Nyssa Corporation's strategy to expand its footprint in the manufacturing sector and possibly bring a distressed asset back to profitability. The acquisition of Camerich Papers Pvt. Ltd., once completed, could provide the company with an expanded manufacturing base and more market opportunities.

The SEBI Regulation 30 disclosure ensures that Nyssa Corporation remains transparent about its operations and strategic decisions, thus informing its investors and stakeholders about the ongoing developments in the company.

Once the NCLT approval is obtained, Nyssa Corporation will look to integrate Camerich Papers into its fold, potentially revamping its operations, and creating new value in the market.

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