Coastal Projects acquires 26% in SELI
Coastal Projects Ltd has announced that it has acquired 26% stake in the Italian Company SELI for a total consideration of EUR 17.85 million (Approximately Rs108 crore). Societa Esecuzione Lavori Idraulici S.p.A (“SELI”) is one of the world’s most experienced tunneling contractors.
Headquartered in Hyderabad, Coastal Projects is a reputed Indian civil engineering and construction firm, specializing in tunneling & underground excavation for hydro-electric, irrigation, rail, road and mining projects. Coastal Projects has successfully completed more than 75 km of tunnelling work and presently has 250 km under execution.
SELI, founded in Italy, has established operations across the world, including India. SELI also designs & builds hard rock and soft ground tunnel boring machines and auxiliary equipments in its manufacturing facility located in Italy. SELI has completed more than 520 km of tunnels with the use of mechanized excavation systems and has completed 68 projects around the world.
Coastal Projects and SELI have also agreed to work together in South Asia. In consideration of the large construction and development works currently in progress and expected shortly in these countries, specifically India, both parties expect considerable business opportunities for their expertise.
With increased number of tunneling projects in India expected to be implemented using Tunnel Boring Machines (TBMs), Coastal Projects stands to benefit from its association with SELI as it also designs and builds hard rock and soft ground tunnel boring machines and auxiliary equipment.
Coastal Projects already owns three TBMs in India and SELI’s knowhow and global expertise in operations and manufacturing of these machines will be a key differentiator at the time of bidding and execution of projects.
Motilal Oswal Investment Advisors Pvt Ltd acted as the financial advisor to Coastal for this transaction.