Mumbai, September 23, 2010: , KEC International Limited (“KEC”), an RPG Group company, announced today that that the acquisition process of SAE Towers Holdings LLC, a limited liability company incorporated in Delaware together with its subsidiary companies in Brazil, Mexico and USA has been completed in terms of the definitive Agreements dated September 6, 2010 executed by the Company.
In addition to this, KEC has announced today that the acquisition process of Jay Railway Signaling Pvt. Ltd. has been completed in terms of the definitive Agreement dated September 14, 2010 executed by the Company.
The total purchase consideration for this deal, on debt-free and cash-free basis is ` 13.96 crore (Enterprise Value) which includes ` 7.01 crore net current assets. We expect to close this transaction by end of this month.
KEC, a RPG Group company, is one of the leading infrastructure engineering, procurement & construction (EPC) companies in the world. KEC has significant presence in Power Transmission & Distribution, Cables, Telecom and Railway infrastructure. KEC has completed projects in over 40 countries and has expertise in handling mega EPC projects across the globe in diverse terrain. KEC is a listed company on major Indian stock exchanges and has approximate annual turnover of ` 4,000 crore (USD 850 mn).
RPG Enterprises is one of India’s leading business groups with a turnover of ` 17,000 crore (USD 3.7 bn). RPG Enterprises has a presence in sectors including infrastructure, power, tyres, retail, information technology, carbon black, speciality and entertainment.
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