KEC International Ltd. (“KEC”), a global infrastructure company EPC, an RPG group company, today entered into a definitive agreement to acquire 100% of the capital of Spur Infrastructure Private Limited (“Spur Infra”) for a value of company of Rs. 62 crores subject to customary closing adjustments. The acquisition is expected to be completed within 60 days of the date of the agreement.
Spur Infra, incorporated in 2016, is an Indian EPC company engaged in the establishment of transnational oil and gas pipelines and urban gas distribution networks. In the past three years, Spur Infra has achieved annual turnover above Rs. 100 crores, profitable experience, technical expertise and experienced workforce. Spur Infra has an order book of ~ Rs. 600 crore comprising projects for pipelines across the country and city gas distribution network of renowned customers.
The acquisition of Spur Infra is part of KEC’s strategy to diversify into adjacent growth areas. KEC’s proven project management capabilities and extensive experience in transnational linear project execution and right-of-way management, as well as technical know-how, experienced workforce and relevant pre-qualifications of Spur Infra will enable KEC to seize lucrative growth opportunities in the petroleum sector. and the EPC sector of transnational gas pipelines in India as well as in international markets.
Mr. Vimal Kejriwal, Managing Director and CEO of KEC International Ltd. commented: “We have launched the EPC activity of oil and gas pipelines in accordance with the government guidance in the sector and our strategy of diversifying the business portfolio into contiguous areas. This acquisition will allow us to accelerate the growth of this sector and make this activity one of our main growth engines in the future. “
The shares of KEC International Ltd. were last trading in BSE at Rs. 418.9 from the previous close of Rs. 427.9. The total number of shares traded during the day was 11,576 in more than 815 trades.
The stock hit an intraday high of Rs. 434.15 and an intraday low of 412. Net turnover during the day was Rs. 4,937,250.