Engineering procurement and construction (EPC) and real estate company Vascon Engineers said it has acquired 90 per cent of equity shares of GMP Technical Solutions Pvt Ltd a Company with a turnover of over Rs 120 crore for Rs 62.63 crore a sum that was raised internally.
“Vascon’s current debt to equity ratio is .37 and with this acquisition, it will not change much. Part of it is coming from better cash flows happening this year and we have structured it in such a way that it wont have much debt increased. In terms of manpower the company has 450 people currently,” managing director R Vasudevan told Business Standard.
