Engineering firm KPTL Tuesday said its arm Kalpataru Power Transmission Sweden AB has completed acquisition of 85 per cent stake in Linjemontage i Grastorp AB for USD 24 million (around Rs 167 crore).
"Kalpataru Power Transmission Sweden AB, wholly-owned subsidiary of the company, has completed the acquisition of LMG along with its two wholly-owned subsidiaries on April 29, 2019," a company statement said.
Kalpataru Power Transmission Ltd (KPTL) announced the acquisition last month.
The acquisition is in line with KPTL's stated objective of growth and greater geographical presence in stable and growing markets with focus on core power transmission segment.
The transaction was expected to close in the first quarter of 2019-20.
The Linjemontage i Grastorp AB was founded in 1993. It specialises in power supply solutions and services for electricity networks up to voltage range of 400 kv.
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The company has presence in Sweden and Norway with an order book of around SEK (Swedish Krona) 710 million (around USD 77 million) as in March this year.
KPTL is one of the largest and fastest growing specialised EPC companies in India engaged in various segments including power transmission and distribution, oil and gas pipeline and railways.