SEPC Ltd has approved a strategic plan to acquire up to 90% equity stake in UAE-based Avenir International Engineers and Consultants LLC through a ₹1,530 crore preferential share allotment, marking a significant step in expanding its engineering capabilities and strengthening its presence in West Asia.
The acquisition, approved by SEPC’s Board of Directors, is subject to shareholders’ and regulatory approvals and is expected to be completed by December 2026. The move forms part of a broader growth strategy that also includes a substantial increase in the company’s authorised share capital, borrowing limits and financial flexibility.
Acquisition through share swap
Under the proposed transaction, SEPC will issue 153 crore equity shares on a preferential basis at an issue price of ₹10 per share, aggregating ₹1,530 crore, to the shareholders of Avenir International Engineers and Consultants LLC. The acquisition will be executed through a share swap, with no cash outflow for SEPC.
Established in 2011 and headquartered in Abu Dhabi, Avenir is an engineering and design company serving the oil & gas and civil infrastructure sectors in the UAE. The company is qualified with ADNOC and reported a turnover of approximately AED 75.01 million during 2025.
The acquisition is expected to strengthen SEPC’s engineering capabilities in the oil & gas sector while significantly expanding its footprint across the Middle East.
Capital base to be strengthened
To support its expansion plans, the Board has approved increasing SEPC’s authorised share capital from ₹225 crore to ₹600 crore, subject to shareholder approval.
The company has also proposed raising the limit for loans, guarantees, securities and investments to ₹3,000 crore, providing greater financial flexibility for future growth initiatives.
In addition, the Board has approved increasing the company’s borrowing limit to ₹7,500 crore, enabling it to finance larger projects and support long-term business expansion.
Growth strategy
Building on its execution capabilities and order pipeline, SEPC said the latest initiatives are designed to enhance its financial strength, diversify its engineering portfolio and accelerate international expansion.
SEPC Limited Managing Director Venkataramani Jaiganesh said the Board-approved proposals represent key building blocks for the company’s next phase of growth.
He said the proposed acquisition of Avenir would complement SEPC’s engineering expertise and provide access to the UAE’s oil & gas ecosystem, while the enhanced capital structure and borrowing framework would support the company’s evolving business requirements and pursuit of larger, more complex projects.