The Kalpataru Power Transmission Limited (KPTL) on Monday said that it has signed an agreement to acquire 85 per cent equity stake in Linjemontage i Grastorp AB (LMG)for $24 million.
The transaction is expected to close in the first quarter of FY 2019-2020, the company said.
Commenting on the acquisition, Sanjay Dalmia, the KPTL Executive Director, said: "This acquisition has been carried out on grounds of strategic fit both to capture local market opportunity and to help us in expanding our presence in Nordic countries where we have no former presence."
"This strategic acquisition will also help KPTL with greater access to specific expertise and EPC capability to take turnkey projects in Nordic countries and Europe."
--IANS
ravi/nir
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