Welspun to acquire stake in MSK Projects
23 March 2010
Gujarat-based pipes maker, Welspun Gujarat Stahl Rohren Ltd has reportedly made an open offer for acquisition of upto 20-per cent stake in construction firm MSK Projects India Ltd.
Welspun Gujarat and its unit, Welspun Infratech Ltd are considering acquiring upto 8 million shares of MSK projects.
MSK Projects, also a Gujarat-based company is engaged in the construction of roads and industrial structures. In afternoon trading the company stocks traded with moderate loss of over 2 per cent to Rs145.30 on the BSE today.
Last week, Welspun Gujarat said its unit would acquire 75 per cent of MSK Projects at a cost of Rs400 crore, making the group's entry into the infrastructure sector. The open offer will open on 6 May and close on 25May the firms said in two separate statements to the BSE.