Vascon Engineers Ltd is set to acquire 90% stake in the Rs 120-crore GMP Technical Solutions Pvt Ltd for Rs 62.63 crore.
GMP Technical Solutions has three divisions - manufacturing division (clean rooms, office partitions, door sets and storage racks), BMS division (building management services, heating, ventilation and air conditioning, electrical design and execution) and QA technical services division (validation and certification of weights and other measures).
Vascon's stock went up 11.52% to touch Rs 154.9 at 11 am today on the BSE. Vascon is confident that this acquisition will yield economies of scale and improve Vascon's edge in offering turnkey solutions to the factory, IT and hotel buildings space, as it is engaged in synergic and complementary operations, stated a release.
Last month, Vascon Engineers had received projects worth Rs 137 crore for construction related works in Maharashtra. The first order worth Rs 99.89 crore has obtained for construction of residential complex in Pune, while Rs 32.55-crore order is for constructing villas for Tata Housing Development Company in Khandala.