Kalpataru Power Transmission’s (KPTL) wholly-owned subsidiary in Brazil, namely Kalpataru Power do Brasil Participações has signed definitive agreement to acquire controlling stake of 51 percent in Fasttel Engenharia for USD 8.80 million, subject to customary adjustments.
Fasttel Engenharia specialises 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 a revenue of around USD 47 million in 2020 and has a profitable track record.
The company has presence in Brazil with an order book of around USD 95 million as on date.
The acquisition of Fasttel is in line with KPTL’s strategy to strengthen its core EPC business and have greater geographical presence in stable and growing markets. The transaction is likely to close by the end of Q1/FY22.