The Hindu Business Line : Shriram EPC to buy 55% stake in Blackstone Group Technologies

NEW DELHI: Chennai-based engineering services provider Shriram EPC on Monday said it has signed an agreement to acquire 55 per cent stake in engineering consulting firm Blackstone Group Technologies.

The company has not disclosed the amount of consideration for this transaction due to contractual limitations on disclosure, Shriram EPC said in a statement.

The acquisition would be funded through internal accruals, equity from existing promoters of Blackstone Group Technologies (BGT) and also through the allotment of new equity, it said.

Under the agreement, SEPC has the option to acquire the balance equity after three years. “This acquisition will provide synergies across our business lines of process and metallurgy, biomass power plants and pipe rehabilitation,” Shriram EPC Managing Di rector and CEO Mr T Shivaraman said in the statement.

The acquisition would also provide skill sets in design and high value engineering that would strengthen its capabilities especially in the area involving civil and structural engineering, it said.

“Partnering with Shriram EPC will be of tremendous benefit to us as this gives us access to better infrastructure and execution capabilities,” BGT Founder and Chairman Mr Ashref Hashim said.

The acquisition also provides SEPC access to BGTs marketing teams and infrastructure, in India and abroad. Mr S Egbal, Director, India operations of BGT would continue to head the organisation. BGT is an Chennai-based firm which offers design and detaili ng services, while Shriram EPC is a service provider of integrated design, engineering, construction and project management services for renewable energy projects. - PTI

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