Sellwin Traders on Monday said it has signed an agreement to acquire a 60 percent stake in US-based infrastructure and construction firm Shivam Contracting Inc (SCI) in an equity deal.
Under the deal, Sellwin Traders (STL) will issue shares to Shivam Contracting at a price not less than Rs 18 per share to acquire a 60 per cent stake, a company statement said.
"STL has agreed in principle to invest up to USD 6 million (around Rs 52 crore) to participate in SCI's ongoing and future projects across the United States," the statement said further.
A fair valuation of SCI for this deal will be conducted as of December 31, 2025. The MOU remains valid for 12 months from the signing date, the company said.
"The USD 6 million equity-linked investment in Shivam Contracting Inc. strengthens our exposure to the US infrastructure sector with attractive return and assured fund repatriation within two years.
"Simultaneously, the planned controlling acquisition of Dubai's GMIIT amplifies our footprint in the Gulf IT services market, targeting over 51 percent equity," STL Director Monil Vora said.
Last week, STL entered into an MoU with Dubai-based Global Market Insights IT Services to acquire more than 51 per cent stake in the company and targeting expansion in the Gulf.
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