Kirloskar Brothers acquires ABAN Constructions Pvt Ltd

Kirloskar Brothers Ltd has announced that the Company has acquired 100% equity share capital of "ABAN Constructions Pvt Ltd", a Chennai based company, on a debt free basis, for a total consideration of Rs 577 Million. The company has executed the necessary share purchase agreement to that effect, in Chennai on September 29, 2006.

ABAN Constructions Pvt Ltd (ACPL} belonged to the reputed ABAN group of Companies. It will function with the same name and would be a 100% subsidiary company of the Company. ACPL specializes in various construction activities viz, tunnels, flyovers, and cross country pipelines for oil, natural gas and other infrastructure projects. The Company expects that with the acquisition of ABAN Constructions Pvt Ltd,, it would be in a better position to supplement its existing set up to work as Engineering, Procurement and Construction (EPC) contractor in respect of various on going and up coming projects.

Source : Equity Bulls

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