The company said that the acquisition is done through it is wholly owned subsidiary, KEC Towers LLC. The manufacturing facility, which was acquired at an auction sale conducted by Emirates Auction Authority, has an installed capacity of 50000 MT per annum. The company said that the acquisition provides a strategic foothold to serve the markets with a high growth potential in Middle East and Africa.
With this acquisition, the company now has six facilities spread across India, UAE, Brazil and Mexico with a total manufacturing capacity of up to 4,22,200 tons per annum.
KEC International reported a consolidated net profit of Rs 144.92 crore in in Q3 December 2019 (Q3 FY20), up by 29% from Rs 112.37 crore reported in Q3 December 2018 (Q3 FY19). Net sales increased by 16.1% to Rs 3073.11 crore in Q3 FY20 as compared to Rs 2646.63 crore in Q3 FY19.
KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, railways, civil, solar, smart infrastructure and cables. The company is currently executing infrastructure projects in over 30 countries.
Shares of KEC International were up 1.7% at Rs 344.8. The stock has jumped 22.6% in the last three months compared with a 0.34% rise in Nifty 50 index.
