Commenting on the transaction, S&W Managing Director Khurshed Daruvala said that financial support from Goldman Sachs would 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 was at an inflection point. Although highly fragmented, the overall market is expected to grow at more than 20 per cent per annum for the next few years and was fast moving towards consolidated MEP packages, resulting in expected growth rate of consolidated MEP orders to be north of 40 per cent per annum. With the increase in sizes of real estate projects, sizes of MEP contracts were also going up and currently, there were only a handful of players in India that have the ability to service such large contracts.
S&W is one of the few players with a pan India presence, supported by a strong execution team of more than 2,500 employees. In last five years, the professionally managed Company has demonstrated an annual growth rate of more than 80 per cent. To capitalise on its track record of executing projects in countries like Ghana, Mauritius, Vietnam and others, the Company has recently started a subsidiary in UAE.