SEPC to acquire UAE’s Avenir International

An Abu Dhabi engineering firm with prequalified Adnoc status is about to come under Indian ownership. Mumbai-listed SEPC is set to acquire up to a 90% stake in Abu Dhabi-based firm Avenir International Engineers and Consultants through a share-swap transaction, as per an exchange filing (pdf).

The details: SEPC’s board approved a preferential allotment of 1.5 bn equity shares at INR 10 apiece — aggregating to c. USD 183 mn — to Avenir's shareholders. The transaction needs shareholder and regulatory sign-off and is expected to close by December 2026.

Avenir? Founded in 2011, Avenir serves oil and gas and civil infrastructure clients in the UAE and posted turnover of about AED 75.01 mn in 2025. Its most valuable asset for a buyer isn't revenue — it's Adnoc prequalification, which lets a contractor bid directly on Adnoc-linked EPC work instead of coming in underneath a prequalified partner.

Why an Indian firm wants in: SEPC is a Chennai-based EPC player with a track record across the Middle East, Africa, and Southeast Asia, but no standing Adnoc credential of its own — buying Avenir gets it one.

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