KEC International gains over 1.5% after completion of acquisition of Spur Infra

Spur Infrastructure acquired for an enterprise value of Rs62cr is now a wholly-owned subsidiary of the company.

Oct 14, 2021 09:10 IST India Infoline News Service

KEC International Limited has completed the acquisition of Spur Infrastructure Private Limited and hence, Spur Infrastructure is now a wholly-owned subsidiary of the company.

At around 9.52 am, KEC International Ltd was trading at Rs472.55 per piece up by Rs7.65 or 1.65% from its previous closing of Rs464.90 per piece on the BSE.

The company, a global infrastructure EPC major, an RPG Group Company on September 18, 2021, had informed about signing of definitive agreement to acquire 100% equity shares of Spur Infrastructure for an enterprise value of Rs62cr subject to customary adjustments at closing.

The company had said, Spur Infra, incorporated in 2016, is an Indian EPC company engaged in setting up of cross country oil & gas pipelines and city gas distribution networks. In the last three years, Spur Infra has an annual revenue in excess of Rs100cr, a profitable track record, technical expertise, and experienced manpower. Spur Infra had an order book of ~Rs600cr comprising of cross-country pipelines and city gas distribution network projects from marquee customers.

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