New Delhi, March 24 -- SEPC Ltd, an Indian engineering, procurement, and construction company backed by the UAE-based investment firm Mark AB Capital, has agreed to buy a stake in an Abu Dhabi-based engineering firm.

The Mumbai-listed EPC company, formerly known as Shriram EPC Ltd, is acquiring a 90% stake in Avenir International Engineers and Consultants LLC for Rs 1,530 crore (about $163 million), it said in a stock exchange filing. The deal will be executed through a share swap and is expected to be completed within six months, according to the filing.

The deal will mark SEPC's entry into the global oil and gas EPC and consulting segment and allow it to add high-margin, technology-driven engineering services to its offerings, the company said.

It will also help SEPC, which has been India-focused so far, to diversify its presence geographically and create a scalable platform for growth in the Middle East and North Africa region (MENA) and for its international execution capabilities.

Avenir, founded in 2007, is an engineering services company specialising in oil and gas engineering, front-end engineering design, and project management consultancy, particularly in the MENA region. The company reported revenue of AED 74 million in 2024, up from AED 69 million in the year before.

"This acquisition represents a significant step in SEPC's journey towards becoming a globally diversified engineering solutions provider, enabling our entry into the high-growth oil and gas segment and strengthening our presence in the MENA region," said SEPC.

"By combining Avenir's specialized engineering capabilities with SEPC's execution strength, we see strong potential to unlock synergies, enhance our service portfolio, and create a scalable platform for long-term, sustainable growth."

Mark AB Capital offers asset management, financial advisory, and investment banking services. It has more than $4.3 billion in assets under management, according to its website. Its portfolio spans sectors such as civil aviation, infrastructure, and energy.

In 2021, the firm invested Rs 350 crore in SEPC by way of a preferential issue of shares. It currently owns a 27.15% stake in SEPC, stock-exchange data show.

Published by HT Digital Content Services with permission from VC Circle.