KEC Worldwide buys Gujarat firm for oil & fuel tasks

RPG Enterprises’ flagship infrastructure firm, Worldwide, has diversified into engineering and development for the oil and fuel sector with an acquisition and a key appointment of a senior government, and has ambitions of bagging big-ticket orders in future, its chief government instructed ET.

On Saturday, KEC introduced the acquisition of Gujarat-based Spur Infrastructure at an enterprise worth of ₹62 crore. The corporate not too long ago appointed former Shell government Gouri Venkatesh as its chief know-how officer.

Whereas Spur Infrastructure will assist KEC fulfil eligibility standards for oil and fuel pipeline tasks, Venkatesh will information the corporate to develop its choices to the sector by tapping into his expertise on the Dutch energy main, stated Vimal Kejriwal, who can also be the managing director at KEC.

“The federal government is speaking about ‘one nation-one grid’ and we anticipate round ₹5,000 crore to ₹6,000 crore of tenders to be floated yearly. There are solely 3-4 gamers within the nation and we felt there was a chance for us,” Kejriwal stated. “We’ll work on tasks in India after which we will take a look at abroad markets just like the Center East.”

Spur Infra, included in 2016 by oil and fuel sector professionals, has been engaged on cross nation oil and fuel pipelines and metropolis fuel distribution networks and has annual income of greater than ₹100 crore. The corporate has an order e book of ₹600 crore, which KEC will purchase. KEC at the moment has confirmed orders and certain orders the place it has emerged lowest bidder price ₹27,000 crore.