Kalpataru Power Transmission Limited (KPTL) said that its fully-owned subsidiary KPT Sweden has taken full ownership of Linjemontage i Grastrop (LMG), a Swedish EPC company, by acquiring the remaining 15% for around SEK 121.2 million ($11.5 million).
Founded in 1993, Linjemontage i Grastrop has three main business areas, which are EPC of substation, transmission, and distribution networks and operations and maintenance (O&M) of electricity network services within the voltage range of 0.4- 400kV.
Linjemontage i Grastrop along with its wholly-owned subsidiary has a footprint in Sweden and Norway with an order book of nearly $138 million.
KPTL said that the full ownership of Linjemontage i Grastrop acquisition will further bolster its position in the Nordic market. The Indian construction engineering company believes that Sweden and Norway are highly attractive markets for transmission line infrastructure as they have the oldest grid network.
Furthermore, KPTL expects to gain from the increased investments in grid infrastructure and renewable energy into the Nordic markets.
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