Authum Investment & Infrastructure Ltd (AII) divested a 36.05 per cent stake in Michigan Engineers to Welspun Enterprises for Rs 98.63 crore. Sansaar Housing Finance Ltd (SHF) also divested its remaining 14.05 per cent stake in MEPL to WEL for Rs 38.44 crore. Get more Stocks News and Business News on Zee Business.
Welspun Enterprises (WEL) has bought a 50.10% stake in engineering, procurement and construction firm Michigan Engineers. The transaction, valued at Rs 137.07 crore will enable WEL to expand its urban water infrastructure business, as well as enter the high-margin, high-growth trenchless technologies field. WEL has an order book of over Rs 6000 crore for the water and wastewater segment, and the sector is likely to benefit from Indian government schemes.
This investment enables Welspun Enterprises’ expansion into the promising water and tunnelling solutions segment in India
, , Welspun Enterprises, Michigan Engineers, acquisition, waste water treatment
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