Kalpataru Projects International Ltd (KPIL) formely called Kalpataru Power Transmission Ltd on Tuesday announced that its wholly owned subsidiary (WOS) in Brazil on 10th July, 2023 has acquired balance 49 percent equity stake in Fasttel. Accordingly, Fasttel has now become WOS of KPBPL.
Kalpataru Power do Brasil Participações Ltda (KPBPL) has acquired a stake of 49 percent in Fasttel Engenharia Ltda, Brazil.
The Company namely KPBPL already holds 51 percent equity stake in the Target Company and it is acquiring remaining 49 percent stake.
The equity stake of KPBPL in Fasttel will increase from 51 percent to 100 percent. Consequent thereto, Fasttel will become a WOS of KPBPL and also a step-down WOS of the Company.
The Company through KPBPL has acquired balance 49 percent equity shares at consideration of BRL 9710.90 and has acquired in aggregate 971,090 equity shares which represent 49% of share capital of Fasttel.
Fasttel was incorporated on 8th February, 1988 in Curitiba city in the state of Parana in southern part of Brazil. It is an established EPC player with more than 3 decades of presence, having footprints in almost all Brazilian states. It has developed thousands of kilometers of transmission lines up to 750 kV and substations up to 500 kV Voltage level. Fasttel is working with various reputed customers/developers across the Brazil.
Kalpataru Projects International Ltd Shares
The shares of Kalpataru Projects International Ltd on Tuesday at 3:30pm IST were at ₹555, up by 2.09 percent.