Patel Engineering sells 41% stake in Michigan Engineers

Authum Investment & Infrastructure has acquired an about 41% stake in Michigan Engineers Private Limited from fellow publicly listed Patel Engineering (which earlier held a 51% stake). In total a 72% stake in Michigan Engineers has been transferred from Mr. Saurin Patel and Patel Engineering to Sansaar Housing Finance Limited and Authum Investment & Infrastructure respectively. Veritas Legal advised the sellers on the deal. Economic Laws Practice advised the buyers. The target company had reported a turnover of INR 319.37 crore for FY23.