Chennai-headquartered EPC firm SEPC Limited is set to acquire up to 90% equity stake in Avenir International Engineers and Consultants LLC, an Abu Dhabi-based engineering and design firm, through a share swap transaction, it said Wednesday.
The move is aimed at expanding SEPC’s international engineering footprint and strengthening its capital base.
SEPC board clears ₹1,530 crore share swap deal, along with higher capital and borrowing limits
The acquisition will be executed through a preferential allotment of 153 crore equity shares of SEPC at an issue price of ₹10 apiece, aggregating to ₹1,530 crore, to Avenir’s shareholders. The transaction involves no cash outflow and is expected to conclude by December 2026, subject to shareholder and regulatory approvals.
Avenir background
Avenir, established in 2011, serves the oil and gas and civil infrastructure sectors in the UAE and holds qualifications with ADNOC. The company reported a turnover of approximately AED 75.01 million in 2025.
SEPC said the acquisition is expected to strengthen its capabilities in the oil and gas sector and expand its presence across the Middle East.
Capital and borrowing limits raised
Alongside the acquisition, the board approved raising the company’s authorised share capital from ₹225 crore to ₹600 crore through the creation of additional equity shares, subject to shareholder approval. It also cleared an increase in limits for loans, guarantees, securities and investments to ₹3,000 crore, and raised borrowing limits to ₹7,500 crore to support expanding operations.
SEPC will seek shareholder approval for the proposals through a postal ballot conducted via remote e-voting, with Alagar & Associates LLP appointed as scrutineer.
Managing director Venkataramani Jaiganesh said the board’s approvals “represent important enablers for SEPC’s next phase of growth,” adding that the Avenir acquisition “is intended to complement our engineering capabilities and provide access to the UAE’s oil & gas ecosystem.”
SEPC, formerly Shriram EPC Limited, reported total income of ₹1,085.8 crore and net profit of ₹53.5 crore in FY26, against total income of ₹646 crore in FY25, with net profit more than doubling year-on-year.
