French consulting and engineering firm Systra SA acquired controlling equity stake in Ahmedabad-based SAI Consulting Engineers Private Ltd (SAI) for an undisclosed amount, as per a stock market disclosure.
As per the agreement signed with the Indian company, Systra will acquire the remaining stake in the firm over the next few years.
With the acquisition, Systra, which already operates in India through its subsidiary Systra Mva Consulting (India), will consolidate its position in the country.
"The purchase of SAI will allow us to be more present in India, a market where we already have a subsidiary. SAI is located in Gujarat, which has enjoyed impressive economic growth over the past few years,” said Pierre Verzat, chief executive officer of Systra, in the statement.
“Our engineers are impatient to contribute to the international development of the SYSTRA Group. Their reputation as the world leader in the mass transit and rail market has grown massively in India as well as in the rest of Asia,” said Hemant Modi, President and CEO of SAI.
Incorporated in 1983, SAI provides consultancy services across segments including engineering, environment and project management in India and internationally.
Clients of the company include Essar Projects, Larsen & Toubro, National Highways Authority of India, Reliance Industries, Gujarat Pipavav Port and Schlumberger Asia. It has a corporate office in Ahmedabad and regional offices in Delhi and Chennai,
Systra—a 50:50 joint venture between SNCF Infra and RATP – is an international engineering and consulting group specialising in rails (passenger and freight) and public transport. Currently, the company is present in 78 countries and manages 3,500 contracts across the globe.
J Sagar Associates assisted French firm Systra. The JSA team comprised partner Rupinder Malik and associates Rajul Bohra and Divyaanshi Chandra.
SAI was represented by Mumbai-based Economic Laws Practice.
(Edited by Joby Puthuparampil Johnson)
