AXISCADES Technologies Ltd. [AXISCADES (BSE: 532395 | NSE: AXISCADES], a global leader in engineering solutions, announces the successful completion of its strategic acquisition of EPCOGEN Private Limited. This acquisition marks a pivotal moment for both companies, with AXISCADES acquiring EPCOGEN at INR 26.25 Crores, with an additional 3-year earnout of INR 7 Crores based on performance. The move underscores the company's commitment to driving engineering excellence and innovation in the energy sector.
EPCOGEN, headquartered in Hyderabad, India, brings a wealth of expertise primarily specializing in Oil & Gas, Refineries, Petrochemicals, and Renewable Power. The company boasts extensive proficiency in intricate project engineering and end-to-end project execution. Notably, EPCOGEN is at the forefront of innovative solutions with a focus on climate-conscious emission control, exemplified by their expertise in tail gas treatment plants for refineries. Additionally, the company leads in the design and implementation of cutting-edge, long-duration energy storage solutions, showcasing a commitment to pioneering advancements in sustainable energy technologies.
The strategic alliance is poised to significantly enhance AXISCADES' footprint in the comprehensive energy sector. Through a partnership with EPCOGEN, AXISCADES aims to fortify its position in the energy markets of the Middle East and North America. This strategic move extends beyond mere market penetration, as the acquisition not only opens doors for cross-selling among AXISCADES' established Oil & Gas clientele and industrial product customers but also positions the company to capitalize on valuable diversification opportunities.
Mr. Arun Krishnamurthi, the CEO and MD of AXISCADES, while commenting on the acquisition said, "The acquisition of EPCOGEN seamlessly aligns with our growth objectives in the energy sector. This strategic move not only augments our competency but also propels our expansion as a service provider into the global energy industries. We are confident that integrating EPCOGEN's capabilities with AXISCADES will fortify our presence in complex project engineering and execution. By leveraging EPCOGEN's substantial growth potential and profound market knowledge, we anticipate a synergistic partnership that positions us at the forefront of innovative solutions and strengthens our commitment to excellence in the global energy landscape."
Mr. Aditya Krishna, Founder of EPCOGEN said, "EPCOGEN is thrilled to join forces with AXISCADES, a global leader with a rich legacy in technology & engineering solutions." Mr. KRSR Krishna, Founder and Director of EPCOGEN said, "This collaboration opens new growth avenues for the company, allowing us to fully capitalize on our delivery capabilities and market expertise. Together, we anticipate driving multi-fold growth and delivering unparalleled value to our clients. We are excited for this journey with AXISCADES."
Through its offices in Chennai, Hyderabad & Bengaluru, EPCOGEN has significant operations in the North American and Middle East geographies for global leaders of the energy industry.
With the successful completion of this integration, the combined strengths of AXISCADES and EPCOGEN is set to make an impactful contribution to the overall growth in the Indian energy sector.
Shares of AXISCADES Technologies Limited was last trading in BSE at Rs. 535.75 as compared to the previous close of Rs. 551.85. The total number of shares traded during the day was 18875 in over 916 trades.
The stock hit an intraday high of Rs. 554.50 and intraday low of 532.00. The net turnover during the day was Rs. 10156280.00.