In February this year, the wholly-owned subsidiary of Kalpataru Power in Brazil had signed a definitive agreement to acquire a 51 percent stake in Fasttel Engenharia Ltd.
April 14, 2021
Kalpataru Power Transmission Limited (KPTL) has announced that its arm Kalpataru Power Do Brasil Participacoes, Brazil, has completed the acquisition of a 51 percent stake in Fasttel Engenharia Ltd. along with management control on April 7, 2021.
Earlier in February, KPTL had informed BSE of the indicative time period for the closing of the acquisition of Fasttel Engenharia, a Brazilian EPC Company (Fasttel), headquartered in the City of Curitiba, State of Parana, Brazil, in the first quarter of FY 2021-22.
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Fasttel specializes in engineering, procurement, and construction (EPC) and maintenance of power transmission lines, substation and distribution systems across various voltage range up to 750 kV. The company mainly operates into three business areas comprising EPC of substation, transmission and distribution network services with revenue of around USD 47 million in 2020 and has a profitable track record.
KPTL had affirmed earlier that the said acquisition of Fasttel is in line with its strategy to strengthen its core EPC business and have a greater geographical presence in stable and growing markets.
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In a BSE filing on Thursday, KPTL said, “Kalpataru Power Do Brasil Participacoes Ltda., Brazil, a wholly-owned subsidiary of the Company, has completed the acquisition of 51 percent stake in Fasttel along with management control on 7th April, 2021.”
