French engineering service provider Assystem SA said it has acquired Mumbai-based engineering project delivery firm STUP Consultants Pvt Ltd for an undisclosed amount.
Following the deal, the Euronext Paris-listed company said it aims to optimise its nuclear engineering services by capitalising on STUP’s existing Indian base and plans to set up a nuclear engineering knowledge centre in India.
According to the Mint, the deal was valued at around 21-22 million euros (Rs 185.5 - 194.4 crore).
Assystem also said that it intends to leverage STUP’s team and networks to accelerate growth in the infrastructure engineering market in India.
“STUP brings to Assystem proven capabilities and a strong human resource network with deep expertise, demonstrated in their best-in-class solutions for the Indian market,” Ashish Tandon, managing director of STUP, said.
KPMG India acted as the exclusive financial advisor to STUP for this transaction. White & Brief Advocates & Solicitors was the legal advisor to STUP.
Founded in 1963 by renowned French engineer Eugène Freyssinet, Yves Guyon, and CR Alimchandani, STUP offers a portfolio of services in transportation infrastructure engineering and operates in the water treatment and energy sectors.
It generates an annual revenue of 20 million euros with an employee base of 1,100 across India.
Assystem provides services in design, construction supervision, commissioning and operation of industrial infrastructure. It currently employs 6,700 people working in 17 countries in Europe, the Middle East, and Asia.