Tecpro Systems has decided to acquire 100% of paid up share capital comprising of 15,00,000 fully paid equity shares of Rs 10 each of Ambika Projects India (Ambika) for a consideration of Rs 10.30 crore. As the company was looking for its entry into the business of water treatment space for quite some time, it is expected that this acquisition would help the company in moving up the value chain.
Ambika is a Chennai based company engaged in the business of water treatment.
The company has also received an approval for incorporation of a 100% subsidiary of the company in Indonesia to tap the opportunities available in the bulk material handling and mining sector. The company has received an approval at its board meeting held on July 12, 2011.
Tecpro Systems is a leading Engineering Procurement and Construction (EPC) company providing comprehensive range of services in Material Handling to Steel, Cement, Ports, Mining and other industries in Infrastructure sector and coal handling and ash handling, Balance of Plant (BoP) packages for Power Sector.
