Welspun Enterprises buys 50% stake in Michigan Engineers for Rs 137 crore
The acquisition aligns with WEL's strategy to expand its water infrastructure business and marks the company's entry into the high-margin and high-growth water and tunneling solutions segment, strengthening its overall business portfolio, the statement said.
Welspun Enterprises Ltd on Monday announced acquiring a little over 50 per cent stake in technology-based EPC firm Michigan Engineers Private Ltd for Rs 137.07 crore.
With the completion of the transaction, Michigan Engineers Private Ltd (MEPL) has become its subsidiary, Welspun Enterprises Ltd (WEL) said in a statement.
"WEL has announced the acquisition of a 50.10 per cent stake in MEPL, a trenchless technology-based EPC (Engineering, Procurement, and Construction) company in the urban water infrastructure segment, from the existing shareholders for an equity investment of Rs 137.07 crore," the statement said.
The acquisition aligns with WEL's strategy to expand its water infrastructure business and marks the company's entry into the high-margin and high-growth water and tunneling solutions segment, strengthening its overall business portfolio, the statement said.
"MEPL is a strong, strategic fit for accelerating the growth of our water business and we are certain that the combined strength of the two companies will drive significant value for both our shareholders and customers," WEL Managing Director Sandeep Garg said.
WEL, a part of the Welspun World, is an infrastructure development company focusing on road, water, and wastewater segments.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
07:38 PM IST