Diamond Power to acquire stake in Utkal Galvanizers

07 Apr 2011

Diamond Power Infrastructure Ltd (DPIL), an integrated player in the power equipment and EPC segment, signed a memorandum of understanding (MoU) with Orissa-based Utkal Galvanizers Ltd on to acquire a strategic stake in the company, subject to successful completion of all standard equity investment processes. DPIL will fund this stake through its internal accruals.

In 2007, DPIL had acquired two companies, Western Transformers Ltd and Apex Transformers Ltd, for Rs 3 crore and Rs 48 crore, respectively. These two subsidiaries of DPIL now have revenues of nearly Rs 20 crore and Rs 250 crore. DPIL's order book stands at Rs 1,650 crore as on March 31, 2011. Its FY 2009-10 sales were Rs 847.65 crore with a PAT of Rs 61.52 crore. It has two manufacturing plants at Vadodara and Silvassa, respectively. DPIL is the only domestic player in India to manufacture EHV cables, an import substitute product.

Utkal Galvanizers is associated with the power sector for extra-high voltage (EHV) power transmission, right from the concept of design to commissioning of EHV towers, substations and other lattice structures. The company has set up substations of 400 KV both in India and abroad.crackcrack

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