French construction major VINCI Construction’s subsidiary Eurovia has acquired 100 per cent stake in Chennai-based construction firm NAPC Ltd for an undisclosed sum, the company has said in a statement.
With this acquisition, Eurovia would have a strong presence in the Indian infrastructure sector, the statement added.
Founded in 1994, NAPC provides civil engineering and construction services, and primarily undertakes roads, runways, civil, industrial, water, mining and quarry projects. The company mostly caters to government bodies, airlines, petrochemical, realty and leisure industries. NAPC operates an additional office in Dubai and the company clocked Rs 600 crore in revenue in 2011.
VINCI Construction and its subsidiaries have an array of capabilities in building, civil engineering, hydraulic engineering and services businesses. The current acquisition in India will, therefore, be a strategic fit to further its activities in the country.
The Indian infrastructure space had witnessed considerable deal activity over the past 12 months. JPMorgan closed three deals and the largest came when it pumped in $400 million in Nikhil Gandhi-promoted SKIL Infrastructure that has interests in areas like ship-building, education and defence. SKIL holds stakes in listed firms like Pipavav Defense, Offshore Engineering Ltd and Everonn Education. Another large deal included $110 million (around Rs 500 crore) investment into Hyderabad-based Soma Group, involved in construction & development of infrastructure projects across transportation, hydel power and water resource space. JPMorgan invested in Soma’s highway projects unit which has a portfolio of BOT (build, operate, transfer) projects in the highways and road sector.