Welspun Enterprises Limited has signed a Share Purchase Agreement on July 27, 2023 with Authum Investment & Infrastructure Limited, Sansaar Housing Finance Limited and Michigan, for purchase of 50.10% stake in Michigan Engineers.
Upon completion of acquisition of 50.10% equity shares, Michigan Engineers will become a subsidiary of Welspun Enterprises Limited.
Michigan Engineers is an engineering and construction company, involved in the business of underground infrastructure, water infrastructure and sewage infrastructure projects.
Michigan Engineers is valued at INR 200.12 Crore.
The acquisition is in line with the strategy of Welspun Enterprises Limited to grow the water infrastructure business segment and enable its entry into the tunnelling business, which is adjacent to the existing water and road business.
The acquisition would enable Welspun Enterprises Limited to undertake projects in relation to areas of micro tunnelling, segment tunnelling and sewer network rehabilitation, through Michigan.
The acquisition is valued at INR 137.07 Crore.