KEC International – an RPG Group company that is a global infrastructure Engineering, Procurement, and Construction major — has acquired an EPC company in the oil and gas pipelines sector, the company said in a BSE filing on September 18.
“KEC International Limited entered into a definitive agreement to acquire 100 percent equity in Spur Infrastructure Private Limited for an enterprise value of Rs 62 crores, subject to customary adjustments at closing. The acquisition is expected to be completed within 60 days from the date of the agreement,” the filing said.
Spur Infra is an Indian EPC company that sets up cross-country oil and gas pipelines and city gas distribution networks. It has an order book of Rs 600 crore comprising cross-country pipelines and city gas distribution network projects from marquee customers, it said.
As per KEC’s BSE filing, its acquisition of Spur Infra is in line with its strategy to diversify into adjacent areas of growth.
Speaking about the acquisition KEC MD and CEO Vimal Kejriwal said: “We launched the oil and gas pipelines EPC business in line with the Government’s thrust in the sector and our strategy to diversify the business portfolio into adjacencies. This acquisition will enable us to accelerate growth in this business portfolio into adjacencies. This acquisition will enable us to accelerate growth in this.”Internet Explorer Channel Network