Goldman Sachs invests $50 mn in Sterling and WilsonJune 17th, 2008 - 2:17 pm ICT by IANS
Mumbai, June 17 (IANS) Leading global investment banking firm Goldman Sachs (GS) has acquired a minority stake in Sterling and Wilson Pvt. Ltd (S&W), a part of the Mumbai-based construction major Shapoorji Pallonji Group, for $50 million. S&W is one of the leading mechanical, electrical and plumbing (MEP) contracting companies in India.
Commenting on the transaction, Khurshed Daruvala, managing director of S&W, said that financial support from Goldman Sachs will supplement existing support from the Shapoorji Pallonji Group and enable S&W to accelerate its growth plans both domestically and internationally.
The MEP market in India is highly fragmented, but is expected to grow at more than 20 percent per year in the next few years.
S&W has a pan-India presence and has also executed projects in Ghana, Mauritius and Vietnam. The company has recently started a subsidiary in United Arab Emirates.
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