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Daily News & Analysis
Tuesday, January 29, 2008
IOT acquires Vadodara firm
Company has plans to acquire other companies in MP and Chennai too
Maulik Buch. Vadodara
Mumbai based Indian Oiltanking Ltd (IOT) has acquired 81%stake in a Vadodara-based company, Anwesha Comtech Engineering Ltd. The company will be called IOT Anwesha Comtech Engineering and Construction Ltd. After the acquisition, the company is planning for a public issue by the end of 2008.After this acquisition, IOT is planning to acquire more companies in the country. The entire procedure of acquisition was handled by Sanjeev Shah who is specializing in the mergers and acquisition services. The entire process was completed in record time of four months. While talking about the future plans he added, "We are looking for acquisitions of small companies in Madhya Pradesh and a company in Chennai. We are also planning to come out with an IPO by the end of 2008. But we have not yet planned utilization of these funds." Anwesha Comtech Engg Ltd is engaged in the engineering and construction of storage tanks and piping work for refineries, oil terminals and fertilizer & chemical industries. With clients on list like IOC, BPCL, Toyo Engineering, Tata Projects, Nirma and Adani Ports, the company also has overseas clients in Gulf countries like Behrain, Doha and Kuwait. While the ten year old IOT is a joint venture of IOC and a German firm, Oiltanking Gmbh, Germany. Talking about the deal, the promoter of Anwesha Comtech Engg Ltd, Asim Chandra said, "Our turnover in current fiscal year is expected to touch Rs30 crore, which will double after the acquisition. We expect growth in our turnover for years to come. At the same time we will be have latest technology in our field, which will help us to serve our clients better."Jatin Mavani, vice-president of IOT said, "In view of huge oil exploration and production activities taking place in India, we expect a huge shortage of bulk liquid handling and storage facilities thereby creating excellent scope for storage infrastructure facilities including piping. With the strategic support of IOT, Anwesha would be able to achieve more milestones in the time to come."b_maulik@dnaindia.com
Daily News & Analysis
Tuesday, January 29, 2008
IOT acquires Vadodara firm
Company has plans to acquire other companies in MP and Chennai too
Maulik Buch. Vadodara
Mumbai based Indian Oiltanking Ltd (IOT) has acquired 81%stake in a Vadodara-based company, Anwesha Comtech Engineering Ltd. The company will be called IOT Anwesha Comtech Engineering and Construction Ltd. After the acquisition, the company is planning for a public issue by the end of 2008.After this acquisition, IOT is planning to acquire more companies in the country. The entire procedure of acquisition was handled by Sanjeev Shah who is specializing in the mergers and acquisition services. The entire process was completed in record time of four months. While talking about the future plans he added, "We are looking for acquisitions of small companies in Madhya Pradesh and a company in Chennai. We are also planning to come out with an IPO by the end of 2008. But we have not yet planned utilization of these funds." Anwesha Comtech Engg Ltd is engaged in the engineering and construction of storage tanks and piping work for refineries, oil terminals and fertilizer & chemical industries. With clients on list like IOC, BPCL, Toyo Engineering, Tata Projects, Nirma and Adani Ports, the company also has overseas clients in Gulf countries like Behrain, Doha and Kuwait. While the ten year old IOT is a joint venture of IOC and a German firm, Oiltanking Gmbh, Germany. Talking about the deal, the promoter of Anwesha Comtech Engg Ltd, Asim Chandra said, "Our turnover in current fiscal year is expected to touch Rs30 crore, which will double after the acquisition. We expect growth in our turnover for years to come. At the same time we will be have latest technology in our field, which will help us to serve our clients better."Jatin Mavani, vice-president of IOT said, "In view of huge oil exploration and production activities taking place in India, we expect a huge shortage of bulk liquid handling and storage facilities thereby creating excellent scope for storage infrastructure facilities including piping. With the strategic support of IOT, Anwesha would be able to achieve more milestones in the time to come."b_maulik@dnaindia.com
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