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The deal, which was signed on March 14, augments Bureau Veritas’s dominant position in the testing, inspection and certification industry.
With a turnover of $42 million in 2012-13 and about 1,600 qualified employees, Sievert has operations in India, West Asia, Singapore, Africa, Russia and the Caspian Sea.
The acquisition of Sievert expands Bureau Veritas’ footprint in the industrial testing market, making it among the leaders in non- destructive testing (NDT).
NDT is an attractive global market estimated at $3.5 billion with a growth rate of around nine per cent per year.
Demand for NDT services is fuelled in mature economies that are facing challenges related to aging infrastructure, and in new economies investing in the construction of industrial facilities.
Speaking on the acquisition, Naresh Gupta, Regional Chief Executive of Bureau Veritas in India, said: “The acquisition brings in additional capabilities in advance NDT, adding value proposition to clients in the oil and gas, power, nuclear, fertilizer, petrochemicals and other core sector industries.''
Bureau Veritas has been operating in India since 1973. Its services cover real estate to factories, industrial equipments to products and management systems.