On Saturday, KEC announced the acquisition of Gujarat-based Spur Infrastructure at an enterprise value of ₹ 62 crore. The company recently appointed former Shell executive Gouri Venkatesh as its chief technology officer.
While Spur Infrastructure will help KEC meet the eligibility criteria for oil and gas pipeline projects, Venkatesh will guide the company to expand its offerings to the sector by leveraging its expertise in leading Dutch energy, said Vimal Kejriwal, who is also the director. KEC manager.
“The government is talking about ‘one nation-one network’ and we expect tenders between ₹ 5,000 crore and ₹ 6,000 crore to take place every year. There are only 3-4 players in the country and we felt there was an opportunity for us,” he said. Kejriwal. “We will work on projects in India and then we can look at foreign markets like the Middle East.”
Spur Infra, formed in 2016 by professionals in the oil and gas sector, has been working on oil and gas pipelines across the country and urban gas distribution networks and has annual revenues of more than Rs 100 million. The company has an order book of Rs 600 million, which will be acquired by KEC. Currently, KEC has confirmed orders and probable orders for which the lowest bidder of Rs 27 billion has emerged.