Expo Engineering and Projects Ltd has approved the draft scheme to merge Expo Project Engineering Services Private Limited with itself. The board approved the Scheme of Merger by Absorption under Sections 230 to 232 of the Companies Act, 2013, at a meeting held on June 30, 2026. The strategic consolidation aims to enhance operational efficiency and achieve economies of scale for the combined entity.

The merger is subject to approvals from BSE Limited, Securities and Exchange Board of India (SEBI), and the National Company Law Tribunal (NCLT). The share exchange ratio has been fixed at 22:1, where Expo Engineering and Projects Limited will issue 22 equity shares of ₹4 each fully paid-up for every 1 equity share of ₹10 each held in Expo Project Engineering Services Private Limited. The transaction is a related party transaction conducted at arm's length, based on an independent valuation report from Mr. Suman Kumar Verma and a fairness opinion from Mark Corporate Advisors Private Limited.

Financial and Operational Rationale

The merger is driven by the rationale to consolidate business activities under common control. Both entities operate in the engineering and industrial services sector, providing services such as fabrication, erection, and installation of process equipment for industries including chemicals, petrochemicals, and oil refineries. The combined entity expects to benefit from synergies, reduced overheads, and a stronger capital base.

Financial Snapshot of Entities

Shareholding Pattern Impact

Post-merger, the shareholding pattern of Expo Engineering and Projects Limited will change. Promoters' holding will increase to 60.74% from 56.95%, while public holding will decrease to 39.26% from 43.05%. The transferor company will be dissolved without winding up upon the scheme's effectiveness. The trading window for the company's securities, which was closed from June 24, 2026, will reopen 48 hours after this public announcement.

Expo Engineering and Projects Limited has secured a significant work order worth ₹44,66,62,568 from Oil and Natural Gas Corporation Limited for the maintenance and inspection of crude oil storage tanks. The contract, awarded on June 8, 2026, spans a period of three years and covers the CPF Gandhar facility within the Ankleshwar Asset. This order is expected to contribute to the company's revenue stream over the duration of the agreement.

The work order was issued by the Central Procurement Department of ONGC, a domestic entity, and includes a total consideration inclusive of 18% GST. The specific nature of the contract is a rate contract for the maintenance and inspection of existing floating roof crude oil storage tanks. The execution timeline is set for three years from the date of the Notice of Award (NOA) as per the Standard Conditions of Contract (SCC).

Expo Engineering confirmed that the promoter, promoter group, or group companies do not hold any interest in the entity awarding the order. Furthermore, the company stated that the transaction does not fall within related party transactions. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The following table outlines the key details of the work order:

The announcement was signed by Hasanain S. Mewawala, Managing Director of Expo Engineering and Projects Limited. The company, formerly known as Expo Gas Containers Limited, is headquartered in Mumbai and operates in the engineering and projects sector.