| Patel Engg buys Mumbai-based Michigan Engg |
| Our Web Bureau / Mumbai September 12, 2006 |
| Patel Engineering (PEL) has acquired a controlling stake in Mumbai-based urban infrastructure company Michigan Engineers (MEPL), for an undisclosed sum. According to an official release issued by Patel Engg to the BSE today, "The government is planning to spend Rs 63,000 crore over the next five years on urban infrastructure. The acquisition of MEPL provides the perfect platform to leverage joint skills and bid for urban infrastructure and sewerage projects", Rupen Patel, MD of PEL, said. "This investment is a win-win situation for both MEPL and PEL. With the acquisition of MEPL, PEL, a pioneer in microtunelling in India, will now be able to provide end-to-end solutions in sewer rehabilitation and urban infrastructure space. By complementing and augmenting MEPL |
