Technocraft announces acquisition of Canada's Swift Engineering

NEW DELHI: Technocraft Group has acquired Canada-based Swift Engineering for an undisclosed sum.

"Technocraft announces a strategic acquisition of Swift Engineering Inc, located in Calgary, Canada, Swift is highly respected company involved in EPCM services, specialising in oil & gas sector...," the company today said in a BSE filing.

The company said Swift's operations are 'synergical' to the activities of Technocraft's wholly owned subsidiary Technosoft, which does engineering and design services in automative, mining equipment, general machinery, oil and gas, structural engineering and other sectors.

Technosoft has primary engineering designing centre in Mumbai and subsidiary in Milwaukee, US and Manchester UK and Swift will make its "services more broad based and cover a larger international geographical area," it said.

It added, "Technocraft expects to more than double the turnover of Swift in next two years."

Presently, Swift employs about 50 highly skilled design engineers and has a turnover of about Rs 50 crore, it said.

The oil and gas segment in Canada and the US is likely to show a quantum growth over next 3 to 5 years due to oil and gas finds in Alberta, Canada and in Southern US belt, it added.

Technocraft said apart from oil and gas, Sift specialised in process studies, piping, mechanical, electrical, civil/structural designing and procurement support.

Technocraft shares closed Rs 66.70 apiece on BSE today, up 2.62 per cent from their previous close.