SEPC Limited has announced the appointment of Dr. Ashutosh Karnatak as Additional Director in the capacity of Non-Executive, Independent Director, effective April 06, 2026. The appointment was approved by the Board of Directors through a circular resolution based on the recommendation of the Nomination and Remuneration Committee.

Appointment Details

The key details of Dr. Karnatak's appointment are outlined below:

Professional Background

Dr. Ashutosh Karnatak brings distinguished credentials to SEPC Limited's board. He is an energy sector leader and governance expert with over 44 years of experience in India's core infrastructure industry. He previously served as Chairman & Managing Director of GAIL (India) Ltd., where he played a key role in developing the National Gas Grid and advancing India's gas-based economy.

His extensive board-level experience includes serving on the boards of leading energy companies and chairing key committees on risk, sustainability, and governance. Post-retirement, he served as Technical Member (Petroleum & Natural Gas) at the Appellate Tribunal for Electricity (APTEL), contributing to regulatory and dispute resolution frameworks.

Educational Qualifications

Dr. Karnatak's academic credentials demonstrate his expertise across multiple disciplines:

• Post-Doctorate (DBA) in Organizational Maturity in Project Management
• PhD on the Asian Gas Grid
• MTech (Energy Studies) from IIT Delhi
• MBA (Finance)
• B. Tech (Electrical Engineering)
• Diploma in Arbitration & Law
• IPMA Level A Certification as a Projects Director (Switzerland)
• Executive training at Harvard University (USA)

Regulatory Compliance

The appointment has been made in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that Dr. Karnatak is not related to any of the existing Directors of the Company, ensuring independence in his role.

The appointment strengthens SEPC Limited's board composition with the addition of an experienced professional from the energy and infrastructure sector, bringing valuable expertise in project management, governance, and regulatory frameworks.

SEPC Limited has officially approved the acquisition of a 90% stake in Avenir International Engineers and Consultants LLC for ₹15.30 billion through a share swap arrangement. The board meeting held on March 23, 2026, concluded with formal approval of the strategic acquisition, marking a significant milestone in the company's international expansion plans.

Regulatory Compliance and Announcement

Following the board approval, SEPC Limited issued a formal press release on March 24, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was simultaneously communicated to both NSE and BSE, highlighting the strategic importance of this acquisition in expanding SEPC's global footprint in the high-growth Oil & Gas engineering sector.

Board Meeting Outcome

The Board of Directors meeting, which commenced at 2:00 PM IST and concluded at 3:40 PM IST on March 23, 2026, formally approved the acquisition of the Abu Dhabi-based engineering consultancy firm. The approval comes with conditions requiring consent from lenders and shareholders before the transaction can be completed.

Acquisition Parameters

The transaction involves acquiring 90% of AED 708 million based on IBBI valuation, equivalent to ₹1,530 crores. Avenir International, established in 2007 and headquartered in Abu Dhabi, specializes in Oil & Gas Engineering, FEED, and PMC services with a strong presence across the MENA region.

Target Company Profile

Avenir International Engineers and Consultants LLC demonstrates strong financial performance with consistent revenue growth. The company holds ISO 9001, ISO 14001, and ISO 45001 certifications and maintains an order book exceeding AED 500 million with reputed clients including ADNOC and DEWA.

Strategic Impact

The acquisition enables SEPC Limited to expand into the global Oil & Gas sector and strengthen its international presence while diversifying revenue streams into a high-value growing industry. Management emphasized that this represents a strategic shift from a domestic EPC-focused player to a globally diversified engineering and infrastructure company, creating synergies between Avenir's specialized engineering capabilities and SEPC's execution strength.