Readymade Steel India to acquire Singapore-based PSL Holdings' units for over $15M
Mumbai-based Readymade Steel India Ltd (RMS), a manufacturer of iron & steel products, has entered into a sale and purchase agreement with Singapore-based PSL Holdings Ltd for the acquisition of two of its wholly owned subsidiaries—PSL Engineering Pte Ltd (PSLE) and Rotary Piling Pte Ltd (RPL)—for Rs 80 crore to Rs 100 crore ($11.9 million to $14.9 million).
RMS is acquiring the companies through its Singapore-based subsidiary KH Forges Pte Ltd in which it had acquired a majority stake in March 2012. The deal is likely to be completed before the end of this year.
KH Forge is engaged in civil engineering work, specialising in bored cast in-place concrete piling and driven piling foundation work, providing services including design, supply, construction and project management. It is registered as a specialist builder with the Building and Construction Authority Singapore.
PSLE was incorporated in September 1984 and specialises in providing micro-piling, civil, mechanical, construction and ground engineering work. RPL, which was incorporated in November 1974, is a contractor of bored piling, civil, mechanical and ground engineering work.
"The proposed acquisitions reflect KH Foges' effort towards upgradation of its capabilities through acquisition of new technologies and investment in the development of human resource competencies and compliment (its) vision of becoming the foundation engineering specialist in Southeast Asia," said Anil Agrawal, MD of RMS.
Founded in 2006, RMS manufacturers reinforcement steel bars and aims to become a complete infrastructure solution provider. It is a market leader in offering product and service solutions to the building and construction industry in the infrastructure space.
Last month, the firm entered into a definitive agreement with Mumbai-based Kridhan Infra Solution Pvt Ltd to acquire a stake for an undisclosed amount.
(Edited by Joby Puthuparampil Johnson)