Mumbai-based Ready Made Steel India Ltd (RMS) has completed the acquisition of 90 per cent stake in KH Foges Pte Ltd, Singapore through its wholly owned subsidiary RMS Singapore Ltd.
Established in 2004, KH Foges is a specialist contractor in foundation engineering works. For the year ended December 31, 2011, it had a total income of about Rs 350 crore and a net profit of Rs 20 crore.
The company has a current order book of Rs 335 crore and expects to grow at the rate of 20-25 per cent this year.
This acquisition will help RMS become a total integrated solutions provider in the infrastructure sector, Mr Anil Agrawal, Managing Director, RMS India, said.