Neueon Corporation Ltd

Neueon Towers Limited (Formerly known as Sujana Towers Limited), a part of Sujana Group, was incorporated on April 06, 2006 in Andhra Pradesh led by the Promoters, Yalamanchili S. Chowdary, G. Srinivasa Raju and their Associates. Later on, the Company name was changed from 'Sujana Towers Limited' to 'Neueon Towers Limited' on September 8, 2016. The Company is in the area of manufacturing and is currently operating in various areas/ verticals/products related to Towers & Transmission, TSF and Speciality Structural steel Manufacturing Business. The Company manufactures galvanized steel towers used in the power transmission and telecom tower sectors. It has set up two large-scale units at IDA Bollaram Industrial Estate in Hyderabad. The Company is ISO 9001:2001 certified , among few of their kind in the country and also obtained approvals for supply from PGCIL, various State Electricity Boards and BSNL. The company was formed on demerger of the Tower Division from Sujana Metal Products Ltd pursuant to the Scheme of Arrangement and Amalgamation and got listed with Bombay Stock Exchange with effect from August 21, 2007. In 2006-07, the company completed the expansion of galvanized tower facility to 128,125 TPA in two phases. The first phase became operational in September 2006 and the second phase was completed by March 2007. During the financial year 2007-08, the company acquired 100% equity in Digitech Business Systems Ltd, Hong Kong for an amount of USD 5001 to cater the needs of the customers located at Hong Kong. The company incorporated Sujana Transmissions Ltd at Hyderabad exclusively for the purpose of undertaking transmission business of power sector in India. In June 2008, the company acquired 51% shareholding in an African telecom infrastructure company, namely Telesuprecon Ltd, which had their branches at Blantyre in Malawi, Nairobi in Kenya and Lusaka in Zambia for providing infrastructure facilities of both telecom and transmission towers. It further set up a manufacturing plant in Chennai with a capacity of 100,000 tonne per annum. Hon'ble NCLT, Hyderabad bench, Hyderabad ordered the commencement of the Corporate Insolvency Resolution Process of the Company dated 03.06.2019. As such, the Company has been under CIRP since 03-06-2019. The Company was admitted for Corporate Insolvency Resolution Process in 2019 and thereafter the Company activities in all respects were deteriorated until the new management took over the Company as per the Resolution Plan approved by the Hon'ble NCLT and the new management is is studying the current business lines of the Company to identify and focus on profit generating lines. Company realized two established objectives: Transform steel from a commodity and product into a service, and leverage on the Company excellence in production of quality long steel. Company emerged as the first integrated player in towers segment in South India. This became possible due to the Company's resounding expertise in re-rolling facilities that help in tower fabrication as per customer requirements. The Hon'ble NCLT has approved the Resolution Plan submitted by a consortium led by PRECA Solutions India Private Limited vide its Order dated 23th Oct, 2024. The Resolution Applicant has then formed an SPV namely 'PRECA Structures Private Limited' for implementation of the approved resolution plan. The resolution plan is thus binding on all stakeholders. The new Board of Directors has been reconstituted to manage affairs of the company w.e.f. 06th Nov 2024.