India: Kalpataru Power Transmission Ltd on Friday revealed its supremacy in Fasttel Engenharia Ltd. The Indian Power transmission franchise signed a definitive agreement with the Brazilian Industry.
Kalpataru Power Transmission Ltd. acquired a 51% stake in Fasttel Engenharia Ltd. for a huge sum of Rs 64 crore (approx. 8.8 million dollars). The company revealed its victory in a regulatory filing.
Founded in 1988, Fasttel deals in, engineering, procurement, and construction alongside monitoring three sectors of EPC comprising power transmission lines, substation, and distribution systems ranging up to 750kV. With an order book of Rs 693 crores (approx. 95 million dollars); the company generated a revenue of around USD 47miilion during the pandemic season last year which proved to be a profitable track.
Sanjay Dalmia, the executive director of KTPL said – “We continue to expand our geographical reach aligned to our vision of being a local player in the global environment.
This acquisition of Fasttel is of strategic fit to KPTL in order to capture local market opportunities in Brazil and expand business in Latin American market.” Fasttel has a track record of revenue growth of more than 25 per cent CAGR (compounded annual growth rate) over the last 5 years along with consistent profitability”.
KTPL shares were trading 0.70 percent higher at Rs 365.45 on the BSE. The transaction is likely to end by Q1 Fy22.