Welspun Enterprises acquires 50% share in Michigan Engineers

Welspun Enterprises Ltd stated on Monday that it has paid Rs 137.07 crore to acquire just over 50% of the equity in the technology-focused EPC Company Michigan Engineers Private Ltd.

Michigan Engineers Private Ltd (MEPL) has now become a subsidiary of the company, according to a statement from Welspun Enterprises Ltd (WEL).

"WEL has announced the acquisition of a 50.10 percent 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 line up with WEL's plan to expand its water infrastructure business and marks the beginning of the company into a high-margin, high-growth market for water and tunneling solutions.

"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, part of Welspun World, is a company that develops infrastructure with an emphasis on the road, water, and wastewater sectors.

Source: Media Reports