IBEF: February 25, 2020
KEC International Ltd, through its wholly owned subsidiary KEC Towers LLC, has acquired an automated transmission tower manufacturing facility with a capacity of 50,000 tonne per annum in mainland Dubai. Although, the financial terms of the deal were not disclosed.
According to the company’s statement, acquisition was through an auction sale conducted by Emirates Auction Authority.
“This facility will help us in expanding our business at a time when we are clearly witnessing resurgence of tendering activity in Middle East and North Africa. We believe this acquisition to be value accretive to our stakeholders,” KEC International Managing Director and Chief Executive Officer Mr Vimal Kejriwal said.
A strategic foothold is expected through this acquisition that will help the company to serve the markets with high growth potential in Middle East and Africa. This will also enable the company to leverage its technical know-how to develop effective EPC solutions and connect more easily with customers, it added.
KEC global manufacturing footprints are further expanded through this acquisition providing further strengthens to KEC’s position as a key player in the infrastructure space. Mow, KEC has six facilities, manufacturing transmission towers, railway and solar structures, monopoles and hardware spread across India, the UAE, Brazil and Mexico with a total manufacturing capacity of up to 4,22,200 tonne per annum after the acquisition.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.