Welspun Enterprises Ltd. on Monday announced acquiring a little over 50% stake in technology-based EPC firm Michigan Engineers Pvt. for Rs 137.07 crore.
With the completion of the transaction, MEPL has become its subsidiary, Welspun Enterprises said in a statement.
"WEL has announced acquisition of 50.10% 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 a high-margin and high-growth water and tunnelling solutions segment, strengthening its overall business portfolio, the statement said.
"MEPL is 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 waste water segments.
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