Patel Engineering on Wednesday said it has offloaded its remaining equity stake of 9.99% in Welspun Michigan Engineers Ltd. valued at Rs 100 crore as part of its strategy to monetise non-core assets. The agreement has been successfully formalised, executed and the sale proceeds have been received, the company said in a statement.
According to the statement, the divestment will contribute significantly to Patel Engineering's cash flow, providing additional financial flexibility to support the company's strategic priorities.
Utilising these proceeds will strengthen the company's balance sheet, underscoring its commitment to a prudent financial strategy as well as significantly contribute to aligning the company's initiatives with its growth objectives, it said.
By strategically investing in key areas, the company said, it aims to enhance operational efficiency, drive innovation and expand its market presence, ultimately fostering sustainable growth and maximising shareholder value.
The stake in Welspun Michigan Engineers Ltd. was picked up by Welspun Enterprises Ltd., as per a separate statement.
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