Patel Engineering Ltd Acquires 10% Strategic Stake in Start-up Tunnel Boring Machine Supply Company

Patel Engineering Ltd has announced the acquisition of a 10% strategic stake in a tunnel boring machine supply company. The details of the acquisition as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been provided in Annexure 1. The target entity is a private limited company in the service industry, and the acquisition is expected to augment Patel Engineering Ltd's existing operations in the tunneling business. The acquisition is not related to any party transactions and does not require any regulatory approvals. Completion of the acquisition is anticipated on or before June 30, 2024.