Kalpataru Power Transmission (KPTL) has completed the acquisition of the remaining 15 per cent stake in Sweden-based engineering procurement and construction company Linjemontage i Grastrop AB through its wholly-owned subsidiary Kalpataru Power Transmission Sweden AB (KPT Sweden), for $11.5 million (around Rs 910 million).
With this, KPTL has completed the 100% acquisition of the Swedish firm, which is engaged in power transmission and distribution, substation, and operation and maintenance of electricity network services. KPT Sweden already held 85 per cent equity stake in the target company.
KPTL said the acquisition will further strengthen its position in the Nordic market as Sweden and Norway are very attractive markets for transmission line infrastructure, since both have among the oldest grid networks. KPTL expects to gain from the increased investments on grid infrastructure and renewable energy in the Nordic markets.
The estimated equity value of the 15 per cent stake is approximately Swedish Krona (SEK) 121.2 million ($11 .5 million), and exact cost of acquisition will be subject to customary closing adjustments.
Linjemontage, together with its subsidiaries, has a presence in Sweden and Norway with an order book of around SEK 1.31 billion ($137.88 million).
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