Indian power and infrastructure EPC services provider Kalpataru Power Transmission Ltd (KPTL) has recently announced that its wholy owned subsidary, Kalpataru Power Transmission Sweden AB has completed the acquisition of 85 per cent stake of the Swedish company, Linjemontage i Grastorp AB for USD 24 million (around Rs 167 crore).

Kalpataru said that Linjemontage's acquisition, which specializes in solutions and services for energy supply is in line with its strategy of growth and its goal of establishing its presence in stable markets with a particular focus on the power transmission sector.

"Kalpataru Power Transmission Sweden AB, wholly-owned subsidiary of the company, has completed the acquisition of LMG along with its two wholly-owned subsidiaries on April 29, 2019," a company statement said.

Established in 1993, the target company is based in three main business fields, namely substation, local and transmission networks and electricity network services of up to 400 kilovolts. In 2018, Linjemontage posted a revenue of approximately $75 million. In Sweden and Norway, the firm has an order book of around  SEK (Swedish Krona) 710 million (around $77 million) as on date, the company said in the statement

KPTL is part of the Kalpataru Group, which focuses on infrastructure developments. It operates in over 50 countries and is involved in global power transmission and infrastructure engineering, procurement and (EPC) activities.The company provides solutions such as design,testing, manufacture, construction and transmission line construction.

Kalpataru Power announced earlier in this month that it will secure Rs 1,288 crore new projects. The order book of  the company  at the end of the previous fiscal period stood at Rs 12,404.