AXISCADES Technologies Ltd. has completed the acquisition of EPCOGEN Pvt Ltd for ₹26.25 crore, with an additional 3-year earnout of ₹7 crore based on performance.
The strategic alliance is aimed to enhance AXISCADES’ footprint in the energy sector and to fortify its position in the energy markets of the Middle East and North America. EPCOGEN, headquartered in Hyderabad, specialises in oil & gas, refineries, petrochemicals, and renewable power.
AXISCADES’ Chief Executive Officer and Managing Director, Arun Krishnamurthi, commenting on the acquisition, said, “By leveraging EPCOGEN’s substantial growth potential and profound market knowledge, we anticipate a synergistic partnership that positions us at the forefront of innovative solutions and strengthens our commitment to excellence in the global energy landscape.”
Axiscades’ stock rose by 2.27 per cent on the NSE, trading at ₹547.90 at 10:21 am on Wednesday.