Engineering, procurement and total construction services company Vascon Engineers today said that its board has approved acquiring 90 per cent stake in steel door and partition maker GMP Technical Solutions for Rs62.63 crore.
Founded in 2005 and based in Himachal Pradesh, GMP, with a turnover of over Rs120 crore, is one of the largest manufacturers of steel demountable partitioning systems and doors in the Indian subcontinent.
GMP operates with three divisions - manufacturing division that deals in clean rooms, office partitions, door sets and storage racks, BMS division for building management services, heating, ventilation and air conditioning, electrical design and execution and QA technical services division for validation and certification of weights and other measures.
Lucknow-based Vascon believes that the acquisition will yield economies of scale and improve Vascon's edge in offering turnkey solutions to the factory, IT and hotel buildings space.
Vascon deals in projects like group housing, petroleum projects, factories, area development and any other projects related to civil engineering and architecture. Its clients include LIC, Reliance Petroleum, Vodafone, North Eastern Railways, Princeton Developers & Realtors among others.