Kalpataru Power Transmission Ltd, in a statement, said that it has acquired controlling equity stake of 51 per cent in a Brazilian EPC company.
The statement said that the acquisition was done through KPTL’s wholly-owned subsidiary in Brazil— Kalpataru Power do Brasil Participações Ltda.
A definitive agreement has been signed to acquiring controlling stake in Fasttel Engenharia Ltda.,Brazil (Fasttel) for around $8.8 million, subject to customary adjustments. The transaction is likely to close by end of Q1FY22.
Three areas of business
Founded in 1988, Fasttel specializes in engineering, procurement, and construction (EPC) and maintenance of power transmission lines, substation and distribution systems across various voltage ranges up to 750kV.
The company mainly operates into three business areas, comprising of EPC of substation, transmission and distribution network services with revenue of around $47 million in 2020 and has a profitable track record. The Company has presence in Brazil with an order book of around $95 million as on date, the KPTL statement added.
Core business
The acquisition of Fasttel is in line with KPTL’s strategy to strengthen its core EPC business and have greater geographical presence in stable and growing markets.
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