Malaysia-based Dialog Group Berhad is acquiring 51 per cent stake in Anewa Engineering Pvt Ltd for Rs 11.71 crore. Dialog is acquiring the stake through buying the shares held by existing investors and a fresh capital infusion in Anewa, which has offices in Hyderabad and Visakhapatnam. The stake will be purchased by Dialog’s subsidiary Dialog Systems (Asia) Pte Ltd.
The deal involves purchase of shares, held by existing shareholders, for Rs 4.76 crore and a subscription of new shares for Rs 6.94 crore, according to a statement on Dialog’s site. The transaction is expected to close by end of August.
Anewa is an outsourcing company, which provides engineering design solution to customers, mainly to MNCs in India, the Middle East and the South-East Asia, in oil, gas and petrochemical space. The company, founded in 2006, specialises in multi-disciplinary engineering design & detailing services including process, mechanical, piping, civil and structural, electrical & instrumentation, and project & construction management services. It has on board around 120 employees and its customers include Thermax, Engineers India, Technip India, BHEL, Lanco Infratech, Arabian Oil & Gasfield Services, among others.
The deal will help Dialog strengthen its engineering capabilities with a pool of skilled and experienced manpower, which will support its rapidly growing business.