Welspun Enterprises picks up 50.10% stake in Michigan Engineers; stock hits fresh high

22 Aug 2023 , 12:55 PM

Welspun Enterprises Limited (WEL), Welspun World’s infrastructure development arm, has paid Rs 137.07 crore for a 50.10% share in Michigan Engineers Private Limited (MEPL), an EPC company in the urban water infrastructure market. MEPL is currently a subsidiary of WEL, following the completion of the acquisition.

Following this development, the company’s counter touched a new 52-week high of Rs 318.70.

At around 10.49 AM, Welspun Enterprises was trading 2.22% higher at Rs 315.70, against the previous close of Rs 308.85 on NSE. 

The acquisition falls well in place with WEL’s plan to expand its water infrastructure business and pins the company’s entry into a high margin and high growth water and tunnelling solutions area, which will help to bolster its overall business portfolio.

WEL has already established itself in the water and wastewater industry in India, with a formidable order book of over Rs 6,000 crore for the segment.

The organization is now working on a number of prestigious projects, including the Rural Water Supply Project in Uttar Pradesh under the Government of India’s Jal Jeevan Mission.

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