Tecpro Systems has completed the acquisition of the entire stake in Ambika Projects (India) on August 19, 2011, thereby making it a wholly-owned subsidiary of the company.
Earlier on July 13, 2011, Tecpro Systems had 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) 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 was expected that this acquisition would help the company in moving up the value chain.
Ambika Projects (India) is a Chennai based company engaged in the business of water treatment.
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.