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SEPC Limited has approved the acquisition of a 90% equity stake in Abu Dhabi-based Avenir International Engineers and Consultants LLC for approximately INR 1,530 crore, marking a significant overseas expansion by the Chennai-headquartered EPC firm. The transaction, structured as a share-swap arrangement, is expected to be completed within six months, subject to lender and shareholder approvals. Avenir operates in oil and gas engineering, front-end engineering design, and project management consultancy, with a strong presence across the Middle East and North Africa (MENA) region. The acquisition is aimed at enabling SEPC's entry into the global oil and gas EPC and consulting segment while enhancing its access to higher-margin engineering services and international markets.
SEPC Limited, a Chennai-based engineering, procurement, and construction (EPC) company, has approved the acquisition of a 90% stake in Abu Dhabi-headquartered Avenir International Engineers and Consultants LLC for approximately INR 1,530 crore, with the decision taken by its Board in the past week as part of its strategy to expand into global oil and gas engineering markets. The transaction will be executed through a share-swap arrangement and is expected to be completed within six months, subject to approvals from lenders and shareholders. Advertisement
The acquisition is intended to provide SEPC with entry into the global oil and gas EPC and consulting ecosystem, while strengthening its international execution capabilities and geographic diversification. The company has primarily operated in India across sectors such as water and wastewater, roads, industrial infrastructure, and mining, and the move marks a shift towards expanding its presence in overseas markets, particularly in the MENA region.
Avenir International Engineers and Consultants, founded in 2007 and based in Abu Dhabi, specialises in oil and gas engineering, front-end engineering design (FEED), and project management consultancy services. The firm has an established presence in the MENA region, supported by relationships with key clients including ADNOC and DEWA, and maintains an order book of approximately AED 500 million.
The valuation of the transaction is based on approximately AED 708 million for the 90% stake, equivalent to around INR 1,530 crore. SEPC stated that the acquisition is being carried out on an arm's length basis, with no involvement of promoter or related group entities in the target company.
According to the company's statement, the integration of Avenir's engineering capabilities with SEPC's execution expertise is expected to expand its service offerings and provide access to higher-margin, technology-driven engineering services. The company also indicated that the acquisition would enable it to pursue larger and more complex projects, particularly within the oil and gas sector across the Middle East and North Africa.
Avenir has demonstrated steady financial performance, reporting revenues of approximately AED 73.93 million in FY24, compared with AED 69.17 million in the previous year, reflecting consistent growth in its core business segments.
The proposed transaction represents a strategic step for SEPC as it seeks to reposition itself from a largely domestic EPC contractor to a globally diversified engineering solutions provider, with an increased focus on high-value infrastructure and energy-related services.
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