Kalpataru Projects International arm completes 100% acquisition of Fasttel

Kalpataru Projects International arm Kalpataru Power Do Brasil Participaes Ltda. (KPBPL) has completed the acquisition of 100 per cent equity stake in Fasttel Engenharia S.A., Brazil.

Earlier in 2021, the KPBPL had acquired a 51 per cent stake in Fasttel along with management control.

"The KPBPL has on 10th July, 2023 acquired balance 49 per cent equity stake in Fasttel. Accordingly, Fasttel has now become WOS (wholly owned subsidiary) of KPBPL," a BSE filing stated.

The company through KPBPL has acquired the balance 49 per cent, aggregating to 9,71,090 equity shares, at a consideration of BRL 9,710.90, it informed.

Fasttel was incorporated on 8th February, 1988 in Curitiba city in the state of Parana in southern part of Brazil.

It is an established EPC (engineering procurement construction) player with more than three decades of presence, having footprints in almost all Brazilian states. It has developed thousands of kilometers of transmission lines up to 750 kV and substations up to 500 kV voltage level.

Fasttel is working with various reputed customers/developers across Brazil and is actively participating in studies and solutions for the various upcoming projects including the auctions announced by Agncia Nacional de Energia Eltrica, Brazil (ANEEL).