SEL Manufacturing Company Limited has acquired 99.88% stake in Omega Hotels Ltd and 51.09% stake in SEL Aviation.
Pursuant to this acquisition, both Omega Hotels and SEL Aviation has become the subsidiary company of SEL Manufacturing Company.
Omega Hotels Ltd. is implementing a Hotel Project at Agra in the State of Uttar Pradesh and SEL Aviation Pvt. Ltd. is in the business of Aviation Services and holds a Non-Scheduled Operator's Permit under the Director General of Civil Aviation.
UltraTech Cement Ltd. which was trying to buy the cements business from Jaiprakash Associates Ltd in a $2.3 billion deal, has met some road blocks as the debt ridden Jaypee Group has been unable to meet certain financial commitments including clearing statutory dues and providing working capital for the plants under review.