SEPC Ltd has agreed to acquire a controlling stake of up to 90% in Avenir, a United Arab Emirates-based engineering and construction firm, through a share swap transaction.
The deal, which involves no cash outflow for the Indian acquirer, is expected to be completed by December 2026, according to reports from Hindu Businessline.
The acquisition marks a strategic pivot for SEPC, aiming to bolster its capabilities in the oil and gas sector.
By leveraging a stock-for-stock exchange, the Chennai-based company preserves its liquidity while gaining immediate access to Avenir’s regional expertise and project pipeline in the Gulf.
This structure allows SEPC to expand its international footprint without straining its balance sheet, a critical consideration for mid-cap EPC firms navigating tight credit conditions.
The move aligns with broader trends in the Indian engineering sector, where companies are increasingly looking abroad for growth as domestic infrastructure spending faces cyclical headwinds.