Shares of Kalpataru Projects International, which is a part of Kalpataru Group, fell as much as 3.6 per cent following the report.
According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of “hundreds of crores” have been uncovered.
Earlier, Kalpataru Projects International arm Kalpataru Power Do Brasil Participaes Ltda. (KPBPL) has completed the acquisition of a 100 per cent equity stake in Fasttel Engenharia S.A., Brazil. Earlier in 2021, the KPBPL had acquired a 51 per cent stake in Fasttel along with management control.
“The KPBPL has on 10th July 2023 acquired a balance 49 per cent equity stake in Fasttel. Accordingly, Fasttel has now become WOS (wholly owned subsidiary) of KPBPL,” a BSE filing stated.
KPIL is one of the largest specialised EPC (engineering, procurement and construction) companies engaged in power transmission & distribution, buildings & factories, water supply & irrigation, railways, oil & gas pipelines, urban mobility (flyovers & metro rail), highways and airports.
(With agency inputs)