Swan Energy buys 55% stake in Veritas India to diversify business reach
Category: #energy-and-environment  By Saipriya Iyer  Date: 2022-05-24
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Swan Energy buys 55% stake in Veritas India to diversify business reach

Swan Energy Limited (SEL), a leading provider of energy and carbon reporting services, has purchased a 55% stake in Veritas (India) for around Rs 172.52 crore (USD 22 million).

Confirming the move, SEL said in a statement that under this all-cash arrangement, it has brought 55% of diluted equity share capital from Veritas (India) Limited’s current sponsors and promoter group by buying 1,47,45,720 equity shares at a rate of Rs. 117 ($1.5) per share, accumulating to Rs. 172.52 crore (USD 22 million).

SEL will be acquiring an additional stake of 26% from the current public shareholders of Veritas through a compulsory open offer for Rs. 126 ($1.62) per share, accumulating Rs. 87.83 crore (USD 11 million).

The overall value of the transaction is said to be Rs 260.35 crore (USD 33.5 Million)

Swan Energy Limited (SEL) spokesperson, Rishi Chopra said this acquisition contrasts with the strategy to divert the geographical reach and businesses to the petrochemical and gas sectors.

The acquisition will aid the firm in leveraging the sectoral connection of Veritas (India) Limited for acquiring gas for the expansion of the second phase of the LNG complex.

Furthermore, Veritas India Limited is a major group company of GV (Groupe Veritas), a varied multinational business group with business domains like logistics, infrastructure, agro venture, alternate fuel and energy, and information technology.

Its key business domain includes Bitumen and PVC (Polyvinyl chloride) production. Other than its international footprint, it has a presence in Terminal Hamriyah, UAE, with a 170,000 MT capacity, which is said to be the first-of-its-kind unit in the region.

Sources cite that GV is planning to build a unified industrial complex with an expenditure of Rs.2,274 crore (USD 292 million) at Dighi Port in Maharashtra.

Source Credit - https://economictimes.indiatimes.com/markets/stocks/news/swan-energy-acquires-55-stake-in-veritas-india/articleshow/91726229.cms

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Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

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