Welspun-Gujarat unit to acquire MSK Projects

Welspun-Gujarat unit to acquire MSK Projects

Mumbai: Pipes and textile company Welspun-Gujarat Stahl Rohren Ltd on Thursday said its infrastructure arm Welspun Infratech Ltd will pay Rs400 crore in an all-cash deal for a 75% stake in construction firm MSK Projects (India) Ltd, through a combination of share purchases from founders, associates, investors, preferential allotment and open offer.

Half of the purchase amount will be infused directly in the company. The move will help Welspun-Gujarat enter the oil, gas and water sectors, said managing director B.K.Goenka in a conference call. “We expect our projects in these sectors to double to Rs7,000-10,000 crore in the next 3-5 years," he added.


BEML wins Rs632 crore order from army

Bangalore: State-run BEML Ltd has won a Rs632 crore order to supply around 800 trucks to the Indian Army, the company said in a statement on Thursday. Over the next 18 months, BEML will supply Tatra multi-terrain trucks to transport soldiers and tanks. The defence ministry has paid Rs316 crore in advance to BEML. With this deal, the total value of orders with the company has crossed Rs5,800 crore, it said.

— Staff Writer