Mumbai-based Technocraft Industries (India) Ltd has acquired Canada’s EPC (engineering, procurement and consultancy) management services firm Swift Engineering Inc., for an undisclosed amount. Swift specialises in oil & gas sector, process studies, piping, mechanical, electrical, civil/structural designing and procurement support.
Swift’s operations are synergistic to the activities of Technocraft’s wholly owned subsidiary, Technosoft Information Technologies Ltd, which provides engineering design services and caters to automotive, mining equipment, general machinery, oil & gas, structural engineering and other sectors.
The deal will boost Technocraft’s capabilities in a market which is seeing a boom in energy-related services due to shale gas discovery in North America.
Technocraft is a manufacturer of drum closures and the Mauser Group acquired a minority stake in the company for an undisclosed amount back in 2006. The firm raised $19.80 million in an IPO in 2007.
(Edited by Sanghamitra Mandal)