Patel Engineering Ltd (PEL) has acquired a controlling
stake in Michigan Engineers Pvt Ltd (MEPL), a Mumbai-based
urban infrastructure company, for an undisclosed sum.
government is planning to spend Rs63,000 crore 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",
Rupen Patel, managing director of the company, said in
a filing with the Bombay Stock Exchange (BSE).
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",
major Patel Engineering Ltd has a received a Rs37 crore
contract to revamp Mumbai's sewer lines. Under the project,
awarded by the Municipal Corporation of Greater Mumbai
(MCGM), Patel Engineering will rehabilitate Mumbai's sewer
lines using GRP liners and trenchless technology.
the quarter ended December 2005-06, Patel Engineering
reported a topline growth of 22.1 per cent year-on-year
at Rs170 crore as against Rs140 crore in the corresponding
quarter of the previous year. Total turnover increased
by 16 per cent yoy to Rs230 crore against Rs200 crore
in the corresponding quarter of the previous year.
margins as percentage of sales improved by seven per
cent on the back of a six per cent fall in construction
expenses. The company's bottomline zoomed 110 per cent
yoy to Rs25.1 crore.