Oct 27: Kridhan Infra Ltd, a Mumbai-headquartered infrastructure solutions company, on Friday announced that it has signed a definitive Share Purchase Agreement with institutional and other investors of construction firm Vijay Nirman Company Pvt Ltd (VNC) to acquire its 36.60% stake through a secondary transaction.
According to a statement from Kridhan Infra, “VNC is an excellent operational and strategic fit with Kridhan’s existing business and will create significant long-term value for its shareholders. Through this strategic acquisition, Kridhan Infra will strengthen its position in India in the EPC segment. The acquisition provides Kridhan with a strong execution team to complement its superior and unmatched skill set in road and bridge works, foundation engineering, micro tunnelling, flyovers, landscaping, and others.”
Speaking on the Acquisition, Anil Dhanpatlal Agarwal, MD, Kridhan Infra, said: “we are delighted to partner with VNC through this strategic stake. They have a high quality project portfolio and large spare execution capacity, making it a strategic operational fit for Kridhan. Kridhan has, historically, demonstrated a superior track record of inorganic growth and we hope to continue that with VNC as well. This agreement represents an important milestone in our strategy of strengthening our India operations and we look forward to working with the VNC’s high quality management team and employees.”
Incorporated in 1982, VNC’s key business activities include roads, bridges, metros, affordable housing, urban and rural infrastructure, industrial infrastructure, ports and terminals.