8 Jul 2022 , 11:14 AM
The company completed the acquisition of the balance 15% stake on July 7, 2022.
The estimated consideration for the 15% stake shall be approximately USD 11.5 million (approx. Rs91.13 crore).
The Company will acquire 300 equity shares representing 15% of the share capital of LMG through its WOS KPT Sweden.
LMG, founded on March 22, 1993, is involved in three major business areas: EPC of Substations, Transmission & Distribution Networks, and O&M of Electricity Network Services in the voltage range of 0.4 – 400kV.
LMG (along with its wholly-owned subsidiary) has a presence in Sweden and Norway, with an order book of approximately SEK 1.31 billion (USD 137.88 million).
The acquisition will bolster KPT’s position in the Nordic market. Because they have the oldest grid network, Sweden and Norway are very appealing markets for transmission line infrastructure. KPTL will benefit from increased investments in grid infrastructure and renewable energy in the Nordic markets.
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