Readymade Steel India Ltd , market leader in offering product and service solutions to the Building & Construction industry in the Infrastructure space, announced that it has successfully accomplished its acquisition of 90% stake in KH Foges Pte. Limited through its wholly owned subsidiary, Readymade Steel Singapore Pte Limited.

KH Foges is a leading specialist contractor in foundation engineering works in Singapore established in the year 2004 with a total income of approximately SGD 80 million (INR 350 crore) and net profit of approximately SGD 4.6 million (INR 20 crore) respectively for the year ended December 2011. KHF with a current order book of SGD 75 million (INR 335 crore), expects to grow at a robust rate of 20% to 25% in the current year.

KHF is supported by a strong team of 250 personnel in Singapore.

Announcing the completion of acquisition, Mr Anil Agrawal MD of Readymade Steel India Ltd said that “The acquisition of KH Foges Pte. Ltd. would result in diversifying the product and service portfolio of RMS enabling it to become a total integrated infrastructure solutions provider to the infrastructure sector. The acquisition is value accretive to the shareholders of RMS and is expected to result in increased business strength and improved financial performance. It is a matter of immense pleasure to announce this on the special occasion of first anniversary of listing of RMS. I take this opportunity to thank all the shareholders and company’s banker Union Bank of India for their continued support.”

Arihant Capital Markets Limited acted as the advisor to the Company for this acquisition. The due diligence was conducted by KPMG, Singapore (financial and tax) and Stamford Law Corporation, Singapore (legal & secretarial) while Greenfield Advisory, assisted in the transaction in Singapore.

Source - Readymade Steel India

(www.steelguru.com)