26 Oct 2015
IRClass Systems and Solutions Pvt Ltd (promoted by Indian Register of Shipping), has acquired cryogenic vessel inspection firm Safess Quality Management Pvt Ltd (SQML) and its subsidiary, Arun Abhiyantey Pvt. Ltd. (AA).
SQML was founded in 1993 and has offices in Mumbai, Bangalore, Chennai, Kolkata, Hyderabad, Kochi, Kota and Ahmedabad. SQML is certified for ISO 9001-2008 by the British Standard Institution and registered with National Small Scale Industries (NSCME) department.
The company is well known for its activities in the inspection of cryogenic vessels (low temperature storage facility), insulation, fire proofing, calibration, repair, restoration, and the modification of related piping and pressure vessels and consultancy. Its customer include major oil companies like ONGC, IOCL, HPCL, NPC amongst others.
This acquisition adds two new units with excellent track records in the completion of complex and high-end projects to the portfolio of services at IRClass’ command.
IRClass expects, through these new acquisitions, that its top line of business will be enhanced via an ability to bid for more high value jobs and contracts through the upgradation of its technological knowledge.
IRClass has acquired a 51% stake of SQML & AA. The balance of 49% would be acquired within one year.
Mr. Arun Sharma, Chairman – IRClass Systems and Solutions Pvt. Ltd. stated ‘This is the first time in our history that IRClass is taking the inorganic route for expansion of its services. This will enhance IRClass’ ability to both test and validate research in the zone of cryogenics and consequently help our research related to LNG & LPG.’