Mumbai-based construction material maker Kridhan Infra Ltd (KIL, formerly known as Readymade Steel Ltd) has signed an agreement to acquire 60 per cent equity stake in Singapore-based Econ Geo Tech Pte Ltd for an undisclosed amount, according to a disclosure filed with the stock exchange.
KIL will acquire the stake through its Singapore arm KH Foges Pte Ltd, which has presence in Malaysia, Myanmar and is now eyeing foundation engineering sector in India. KH Foges 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.
Econ Geo offers services like soil laboratory testing, instrumentation and monitoring, ground engineering and geotechnical engineering and consultancy. The acquisition will allow KIL to upgrade its technological know-how and develop its staff competency in geotechnical engineering.
“Soil investigation is an integral part of foundation engineering work and now with Econ’s association with us, we have an in-house team to carry out site investigations which will not only speed up our on-site work but will also enable us to deliver higher quality engineering solutions within the project budget,” Anil Agarwal, managing director, KIL, said.
(Edited by Joby Puthuparampil Johnson)