Coastal Projects Limited has acquired a 26-per cent stake in Societa Esecuzione Lavori Idraulici S.p.A (SELI) of Italy, for around 17.85 million euros (approximately Rs108 crore).
SELI, one of the world's most experienced tunneling contractors, has established operations across the world, including India.
Hyderabad-based Coastal Projects, a civil engineering and construction firm, specialises in tunneling and underground excavation for hydro-electric, irrigation, rail, road and mining projects. The company has successfully completed more than 75 km of tunneling work and has 250 km under execution at present.
SELI also designs and builds hard rock and soft ground tunnel boring machines and auxiliary equipment at its manufacturing facility located in Italy.
SELI has completed more than 520 km of tunnels with the use of mechanised excavation systems and has completed 68 projects around the world.
Coastal Projects and SELI will also work together in South Asia, especially India, in view of the large construction and development works currently in progress and expected shortly in these countries. Both parties expect considerable business opportunities for their expertise.