Mumbai: The National Asset Reconstruction Company (NARCL) is set to take over the Rs 1,000 crore debt of specialised equipment maker Kay Bouvet Engineering after its Rs 130-crore offer did not receive a challenging bid, people familiar with the details said. This acquisition could be the last for the government-backed bad loan aggregator this fiscal.

Banks led by IDBI had sought a challenge bid to NARCL’s Rs 130 crore offer earlier this month, with due diligence for prospective bidders ending on March 23.

No bidder came forward till the end of the day on March 24, the final day for bids in the Swiss challenge auction, after which banks are moving ahead with the transfer to NARCL.

The NARCL offer means a 13% recovery for banks and will be in a mix of 15% cash and the rest in security receipts to be redeemed on recovery.

Kay Bouvet is a heavy engineering company engaged in the design, engineering and manufacturing of specialised equipment for strategic industries such as nuclear energy, power, defence and space. It has two manufacturing facilities in Maharashtra and Haryana.