Patel Engineering offloads remaining 9.99 pc equity stake in Welspun Michigan Engineers

New Delhi, Oct 30 (PTI) Patel Engineering on Wednesday said it has offloaded its remaining equity stake of 9.99 per cent in Welspun Michigan Engineers Ltd valued at Rs 100 crore as part of its strategy to monetise non-core assets.
     The agreement has been successfully formalised, executed and the sale proceeds have been received, the company said in a statement.
     According to the statement, the divestment will contribute significantly to Patel Engineering's cash flow, providing additional financial flexibility to support the company's strategic priorities.
     Utilising these proceeds will strengthen the company's balance sheet, underscoring its commitment to a prudent financial strategy as well as significantly contribute to aligning the company's initiatives with its growth objectives, it said.
     By strategically investing in key areas, the company said, it aims to enhance operational efficiency, drive innovation and expand its market presence, ultimately fostering sustainable growth and maximising shareholder value.
     The stake in Welspun Michigan Engineers Ltd was picked up by Welspun Enterprises Limited, as per a separate statement.

(This story has not been edited by THE WEEK and is auto-generated from PTI)