Welspun trades higher on buying out 50.10% stake in Michigan Engineers

Welspun Enterprises acquired the stake from the existing shareholders for Rs 137.07 crore. MEPL will now become a subsidiary of Welspun Enterprises and enables the company’s expansion into the promising water and tunnelling solutions segment in India.

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The shares of Welspun Enterprises traded 1.2 percent higher a day after the company announced to have completed the acquisition of 50.10 percent stake in Michigan Engineers (MEPL).

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Michigan Enterprises is a trenchless technology-based EPC (Earnings, Procurement and Construction) company in the urban water infrastructure segment. Welspun Enterprises acquired the stake from Authum Investment & Infrastructure Limited and Sansaar Housing Finance Limited for Rs 137.07 crore. MEPL will now become a subsidiary of Welspun Enterprises and enable the company’s expansion into the promising water and tunneling solutions segment in India. Welspun Enterprises is the infrastructure development arm of Welspun World.

According to the regulatory filing, this acquisition leverages the sophisticated infrastructure development techniques deployed by MEPL and the strategic investment will enable Welspun Enterprises to enter the urban infrastructure space and provide water and tunneling solutions, which complement its existing water and road businesses.

Read more: Welspun Enterprises completes 50.10% stake buy in Michigan Engineers for equity investment of Rs 137.1 crore

“MEPL’s experience and capabilities will now allow WEL to undertake projects in the niche and promising areas of micro-tunneling, segment tunneling, sewer network rehabilitation and other trenchless technologies across India, leading to diversification of its project portfolio and service offerings,” the filing said.

For the first quarter, the infrastructure company saw its net profit grew 98 percent to Rs 92.8 crore from a year ago, while it declined on a sequential basis by almost 35 percent from Rs 142 crore in the last quarter of FY23. The consolidated income was up 5 percent on-year to Rs 750 crore. EBIDTA margin grew by 1,236 basis points to 20.9 percent for the quarter ended June 2023.

Welspun Enterprises is a Mumbai-based infrastructure developer with a portfolio of road, water and wastewater projects across India.

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