Patel Engineering acquires Michigan Engineers

Patel Engineering Ltd (PEL) has announced that the Company has acquired a controlling stake in Michigan Engineers Pvt Ltd (MEPL), a Mumbai based urban infrastructure company, for an undisclosed sum.

"The Government is planning to spend Rs 63,000 crores over the next five years on urban infrastructure. The acquisition of MEPL provides the perfect platform to leverage joint skills and bid for urban infrastructure and sewerage projects", said Mr Rupen Patel, Managing Director of the Company.

He further added, "This investment is a win-win situation for both MEPL and PEL. With the acquisition of MEPL, Patel Engineering, a pioneer in microtunelling in India, will now be able to provide end-to-end solutions in sewer rehabilitation and urban infrastructure space. By complementing and augmenting MEPL’s technology-led focus on urban infrastructure projects. Patel Engineering will now focus on the explosive growth in urban infrastructure both in metros and tier II cities.

Source : Equity Bulls

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