Palmette Industrial Services Company Limited (PISC) and a consortium led by the firm are planning to acquire Palmetton Industrial Services and other industrial services companies.
The consortium has been in talks with private equity firm Hargreaves Lansdown Capital Partners, which is planning to take over the companies.PISC’s main asset is a manufacturing plant in Piscataway, New Jersey, which it is expected to use to develop other products such as solar thermal systems and electric power generation systems.
The company’s biggest asset is its plant in the US state of Georgia, which was built by PISC.
Hargreaving Lansdown declined to comment.PIS has been struggling with debt of around Rs 1,600 crore, according to a report by Bloomberg News.
PISC is also seeking to diversify its portfolio by acquiring a minority stake in an existing oil and gas exploration firm.
Piscatawas principal operating cost is estimated to be Rs 1.1 lakh crore.PISA has also been embroiled in controversy, with the company admitting that it had no legal obligation to pay compensation to the victims of a massive power failure that occurred in January 2016.