SEPC to acquire UAE’s Avenir International

Mumbai-listed SEPC is eyeing a 90% stake in Abu Dhabi-based firm Avenir International Engineers and Consultants through a share swap transaction. SEPC’s board has approved the USD 183 mn acquisition which will mark its expansion into the UAE’s oil and gas engineering industry, as per an exchange filing (pdf).

Why pick Avenir? The M&A provides SEPC access to Avenir’s pre-qualifications with Adnoc — credentials that can substantially improve its ability to bid independently for large oil, gas and infrastructure EPC contracts in the UAE and the region.

The details: The transaction will be executed through a preferential share allotment of 1.5 bn equity shares at INR 10 apiece to Avenir’s shareholders and will be completed by December this year, subject to shareholder and regulatory approvals.

Who are they? Founded in 2000, SEPC Limited is an engineering, procurement and construction (EPC) firm that executes large industrial and infrastructure projects. While its operations have been concentrated in India, the company has executed projects across the Middle East, Africa, and Southeast Asia.

This is SEPC’s second acquisition in the Gulf: In 2024, a SEPC unit acquired a 75% stake in Bahrain-based Almoayyed Electrical Equipment & Instrumentation Systems which provides it with an operating platform in electrical and automation systems for energy projects across the UAE and Bahrain.

The latest acquisition shows Indian engineering firms are willing to take the acquisition route to secure an established foothold in the region’s EPC industry. Recently, Mumbai-based MAN Industries acquired Saudi Arabia’s National Pipe Company for USD 102 mn, gaining full ownership of one of the Kingdom’s API-certified manufacturers.