Patel Engg scoops up 51% in MEPL
CIVIL infrastructure company Patel Engineering has bought a 51% controlling equity stake in unlisted Michigan Engineers (MEPL), a Mumbai-based urban infrastructure company, for an undisclosed sum, reports Our Bureau in Mumbai.
By TNN |
CIVIL infrastructure company Patel Engineering has bought a 51% controlling equity stake in unlisted Michigan Engineers (MEPL), a Mumbai-based urban infrastructure company, for an undisclosed sum, reports Our Bureau in Mumbai. The move may boost the Rs 1,011-crore Patel Engineering’s entry into urban infrastructure, one of the fastest growing sectors in the infrastructure segment.
Patel Engineering officials declined to comment on the value of the acquisition. Sources estimate the buy to be close to Rs 10 crore. MEPL is an infrastructure construction company with interests in underground works & foundations, atypical dredging, bridges, specialised sewer rehabilitation works & other civil works. “We will now be able to provide end-to-end solutions in sewer rehabilitation and urban infrastructure space,” said Patel Engineering MD Rupen Patel. “With contracts getting larger in the infrastructure space, we look to add scalability to MEPL’s business,” he added.
Patel Engineering officials declined to comment on the value of the acquisition. Sources estimate the buy to be close to Rs 10 crore. MEPL is an infrastructure construction company with interests in underground works & foundations, atypical dredging, bridges, specialised sewer rehabilitation works & other civil works. “We will now be able to provide end-to-end solutions in sewer rehabilitation and urban infrastructure space,” said Patel Engineering MD Rupen Patel. “With contracts getting larger in the infrastructure space, we look to add scalability to MEPL’s business,” he added.
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