KEC International gains after acquisition in tower business

The infrastructure EPC company, KEC International has completed acquisition of power transmission tower through its subsidiary in Dubai.

The company in its press release submitted on Monday morning, said that it has acquired a state‐of‐art automated Transmission Tower manufacturing facility with a capacity of 50,000 tons p.a., in mainland Dubai, United Arab Emirates in an auction sale conducted by Emirates Auction Authority. The acquisition is done by its wholly owned subsidiary, KEC Towers LLC.

The acquisition is aimed to provide KEC a strategic foothold in the region, which can cater the markets with high growth potential in Middle East and Africa (MENA). In addition to this, it will enable the company to leverage its technical know‐ how to create effective EPC solutions and drive deeper connect with customers. It enhances the credentials to secure additional business in the MENA region on account of local price preferences/fiscal benefits.

KEC already has wide presence in few countries such as UAE, Brazil and Mexico with 6 facilities in transmission towers, railway, solar structures etc. It has total capacity of up to 422200 tons per annum.

At 10.30 am stock traded with gains of 2.17 per cent at Rs. 346.40 on BSE.