Kalpataru Power acquires 51 % stake in Fasttel
Kalpataru Power Do Brasil Participacoes Ltd, a subsidiary of Kalpataru Power Transmission Ltd, has acquired a 51 % stake in Brazil’s Fasttel.
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Brazil, Curitiba: Kalpataru Power Do Brasil Participacoes Ltd, a subsidiary of Kalpataru Power Transmission Ltd, has acquired a 51 % stake in Brazil’s Fasttel.
Headquartered in Curitiba, Brazil, Fasttel Engenharia Ltd is engaged in the engineering, procurement, construction and maintenance of power transmission lines as well as substation and distribution systems of voltage range up to 750 kV. It has so far built over 2,000 km of transmission lines and over 50 substations of voltage up to 750 kV.
The statement said that Fasttel has experienced manpower comprising engineers and workmen. The company has a footprint in around 20 states of Brazil. In 2020, it clocked a turnover of $47.4 M compared to $53.9 M in the previous year.
Kalpataru Power acquired the company to capture the opportunity in Brazil and to expand presence in the Latin American market. It invested $8.80 M for the acquisition through cash.
“We continue to expand our geographical reach aligned to our vision of being a local player in the global environment,” said KPTL’s Executive Director Sanjay Dalmia.
“This acquisition of Fasttel is of strategic fit to KPTL in order to capture local market opportunities in Brazil and expand business in Latin American market,” he said in a statement.
Fasttel has a track record of revenue growth of more than 25 % CAGR over the last five years along with consistent profitability. It has experienced manpower which does in-house engineering, procurement, land survey, planning, environment clearances and construction, said Dalmia.
Source: Yahoo News