RPG Group's KEC International to buy US-based SAE Towers for $95 million
07 September 2010
KEC International, India's second-largest maker of electricity transmission towers after Tata Power and a part of the $3.7-billion RPG Group, today disclosed its plans to enter into the North and Latin America market with the acquisition of the US-based SAE Towers Holdings LLC for $95 million, in order.
Mumbai-based KEC is buying Houston, Texas-based SAE Towers from Washington, DC-based private equity firm ACON Investments.
With an annual turnover of RsS4,000 crore, KEC is one of the world's largest power transmission engineering, procurement and construction companies.
KEC designs, manufactures and executes construction of turnkey projects in the areas of power transmission lines up to 1200 KV, power distribution networks, sub stations, telecom, railways, cabling and engineering services.
It currently has projects in over 25 countries across South Asia, Middle East, Africa, Central Asia, Australasia and South America.
Founded in 2006, SAE Towers, spun-out of the electricity tower manufacturing division of Asea Brown Boveri, is one of the world's largest producers of steel lattice towers for high-voltage power transmission through its manufacturing plants in Monterrey, Mexico and Belo Horizonte, Brazil.