KEC International Ltd Sells its Entire Stake in its Subsidiary KEC Bikaner Sikar Transmission Pvt. Ltd.
Deepthi | Myequity news | Date : 03-11-2018 16:50:00 IST
KEC International Ltd., today signed a Share Purchase Agreement (SPA) with Adani Transmission Ltd. for selling its entire stake in KEC Bikaner Sikar Transmission Private Ltd. at an Enterprise Value of ~ Rs. 227.5 Crore, subject to regulatory and other approvals.
KEC Bikaner Sikar Transmission Private Ltd. is having an operational transmission line of 344 ckt. Kms in the state of Rajasthan from Bikaner to Sikar. About KEC International Ltd.
Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, "We are happy to inform that in line with our strategy of being an asset light company focused on providing turnkey services to infrastructure sector, we have decided to sell our holding in KEC Bikaner Sikar Transmission Private Ltd. to Adani Transmission Ltd. With the successful construction and ahead of schedule commissioning of the Bikaner Sikar Transmission Line, KEC has further strengthened its presence in the Tariff Based Competitive Bidding space, the pre-qualifications and experience of which will be leveraged for securing similar upcoming opportunities in India."
KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Solar, Cables and Smart Infrastructure. Globally, the Company has delivered infrastructure projects in 64 countries. It is the flagship Company of the RPG Group. About RPG Enterprises
RPG Enterprises, established in 1979, is one of India's fastest growing business groups with a turnover of Rs. 23,000 Cr. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation led technology businesses.