KEC rises 3.14% on plans to acquire SAE Towers

MUMBAI: KEC International Ltd will acquire SAE Towers Holdings LLC, a limited liability company incorporated in Delaware, USA, along with its operating subsidiary companies in Brazil, Mexico and the US.

SAE Towers has manufacturing facilities in Brazil and Mexico and a tower test station at Brazil. SAE Towers is engaged in manufacturing and supply of power transmission towers, related hardware, sub-station structures and poles for power transmission.

KEC has executed the definitive agreements in connection with this acquisition. The transaction is expected to close in September 2010.

On the National Stock Exchange, KEC shares were higher by 3.14 per cent at Rs 501.80. The stock recorded a high of Rs 517.70 versus a low of Rs 492.