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Last Updated : Mar 26, 2019 10:14 AM IST | Source: Moneycontrol.com

Kalpataru Power Transmission jumps 4% on acquisition of Swedish EPC company

Linjemontage's consolidated net worth as of December 2018 was approximately $6.3 million and consolidated turnover for year ended December 2018 stood at around $75 million

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Kalpataru Power Transmission shares gained 4.4 percent in the morning trade on March 26 after its subsidiary acquired Swedish EPC company.

The stock was quoting at Rs 447.00, up Rs 13.25, or 3.05 percent on the BSE, at 0950 hours IST.

"Wholly owned subsidiary of the company in Sweden, Kalpataru Power Transmission Sweden AB, on March 25, entered into definitive agreement to acquire Linjemontage i Grastrop AB, a Swedish EPC Company headquartered in Grastrop, Sweden along with its two wholly-owned subsidiaries," the construction engineering company said in its exchange filing.

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The acquisition is subject to customary closing conditions that are expected to be completed in the first quarter of FY 2019-20, the company said.

Linjemontage's consolidated net worth as of December 2018 was approximately $6.3 million and consolidated turnover for year ended December 2018 stood at around $75 million.

"This acquisition has been carried out on grounds of strategic fit both to capture local market opportunity and to help us in expanding our presence in Nordic countries where we have no presence. This strategic acquisition will also help KPTL with greater access to Technology and EPC capability to take turnkey projects in Nordic countries and Europe," Kalpataru said.

The company will acquire 85 percent stake in Linjemontage at an enterprise value of approximately $24 million.

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First Published on Mar 26, 2019 10:14 am
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