Shares of KEC International were up seven per cent to Rs 467.95 on the BSE in the intra-working day trade on Tuesday, surging twelve per cent in earlier two investing times, immediately after the company entered into a definitive settlement to get 100 per cent equity in Spur Infrastructure for an enterprise worth of Rs 62 crore. The acquisition is envisioned to be concluded within sixty times from the date of settlement.
The inventory of the infrastructure Engineering, Procurement and Design (EPC) important, an RPG Team Organization, experienced strike a fifty two-week higher of Rs 486.forty five on March three, 2021. Trading volumes on the counter jumped five-fold with a merged all-around 1.6 million equity shares possessing transformed hands on the NSE and BSE until 10:20 am.
Spur Infra is an EPC company engaged in placing up of cross nation oil & gas pipelines and city gas distribution networks. In the previous three decades, Spur Infra has an yearly income in extra of Rs 100 crore, a worthwhile track record, complex experience, and seasoned manpower. Spur Infra has an purchase e-book of all-around Rs 600 crore comprising of cross-nation pipelines and city gas distribution network initiatives from marquee customers.
“Spur Infra is in line with KEC’s technique to diversify into adjacent parts of advancement. KEC’s tested undertaking administration abilities and considerable working experience of executing cross-nation linear initiatives and controlling Appropriate of Way (RoW), along with Spur Infra’s complex knowhow, seasoned manpower and pertinent prequalifications will enable KEC to capture the rewarding advancement chances in the oil & gas cross-nation pipelines EPC sector in India as perfectly as in international markets,” the company reported.
“We launched the oil and gas pipelines EPC business in line with the Government’s thrust in the sector and our technique to diversify the business portfolio into adjacencies. This acquisition will enable us to speed up advancement in this sector and build this business as just one of our important advancement drivers going forward,” the administration reported.