Sridhar Cherukuri CMD Transstroy (I) Ltd and Liu Guozhen deputy general manager and president China New Era Group signed the agreement
China New Era Group Corporation (CNEGC) has decided to acquire an undisclosed stake in Hyderabad-based infrastructure developer Transstroy India Ltd for an undisclosed amount, the city-based company said in a statement.
Hyderabad: China New Era Group Corporation (CNEGC) has decided to acquire an undisclosed stake in Hyderabad-based infrastructure developer Transstroy India Ltd for an undisclosed amount, the city-based company said in a statement.
“An investment of undisclosed amount of few hundred million dollars for an undisclosed stake in Transstroy has been announced. Both sides have commenced due diligence for deal execution and expect deal to close within couple of months. The two companies are already engaged in EPC cooperation for road projects and are taking their relationship to next level with strategic FDI at corporate level,” a statement from Transstroy said.
Sridhar Cherukuri CMD Transstroy (I) Ltd and Liu Guozhen deputy general manager and president China New Era Group signed the agreement. Commenting on the development, Mr Cherukuri said, “We look forward for a greater future ahead, the investments from the Chinese giants like CNEGC would open up a bigger opportunity for us, as it can spread its wings in the various verticals and also strengthen their base”.
( Source : deccan chronicle )
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