Patel Engg Offloads Stake

New Delhi: 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.