Thailand NRI to buy stake in Gammon India’s EPC

INVESTgamonThe Thailand based GP Group has agreed to acquire a 75 percent stake in the engineering procurement and construction (EPC) business of infrastructure firm Gammon India Ltd, for around $37.8 million.

As part of the restructuring process announced in 2015, Gammon India is transferring its civil EPC business to subsidiary Gammon Retail Infrastructure Pvt Ltd. (GRIPL). GP Group that is headed by Kirit Shah and his family will reconstitute the board of GRIPL.

The deal is expected to be completed in 12 months.