Sintex arm to acquire 30 per cent in Durha Constructions

Sintex Infra Projects Limited (SIPL), a wholly owned subsidiary of Sintex Industries Limited, has agreed to acquire 30-per cent stake in Durha Constructions Private Limited.

Under the agreement signed with promoters of Durha Constructions, Sintex will be able to acquire majority ownership of the company on pre-agreed terms on closing of current financial year (FY'2011).

Sintex expects the acquisition to help it grow and strengthen its monolithic and prefab business and also build an active presence in the infrastructure sector, particularly in the engineering, procurement and construction (EPC) business.

Sintex Infrastructure is primarily engaged in the manufacture of building products, custom moldings and textiles while DCPL is mainly in the business of civil and mechanical construction work in infrastructure sectors, including power, petrochemicals, cement, including medium and large projects in both private and public sectors.

DCPL, which has been associated with some of the prestigious projects like the Delhi International Airport, Hyderabad International Airport, Indraprastha Power Station amongst others, has an impressive client base, including EPC giants such as BHEL and L&T.

DCPL reported revenue growth of over 40 per cent over the past two years and had revenues of Rs150 crore and EBDTA of over Rs25.2 crore in 2009-10.