Kalpataru Power Transmission Limited (KPTL), a Mumbai-headquartered power and infrastructure EPC player, today announced the acquisition of a controlling stake in Brazilian company Fasttel Engenharia Ltda (Fasttel) for US$ 8.80 million.
The acquisition was made through the company’s Brazilian arm Kalpataru Power do Brasil Participações, which signed a definitive agreement with Fasttel for the investment.
Fasttel, founded in 1988, is engaged in EPC and maintenance of power transmission lines, substation and distribution systems across various voltage range up to 750 kV. The company earned around US$ 47-million in revenue in 2020 and has an order book of around US$ 95 million as of 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 Q1FY22,” read the KPTL statement.
Commenting on the acquisition, Sanjay Dalmia, executive director, KPTL, said, “We continue to expand our geographical reach aligned to our vision of being a local player in the global environment. This acquisition of Fasttel is of strategic fit to KPTL to capture local market opportunities in Brazil and expand business in the Latin American market. 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 that does in-house engineering, procurement, land survey, planning, environment clearances and construction.
“Brazil is a large and well-regulated power transmission and distribution market with sizable investment planned in next ten years. .. Both the companies will leverage each other’s capabilities and look forward to creating a strong presence in Brazil and larger Latin American T&D market.”
KPTL has a strong international presence in power transmission and distribution. It is currently executing several contracts in India, Africa, Europe, Middle East, CIS, SAARC, and Far East.
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