Japan's UTOC Corporation, a wholly owned unit of Mitsui OSK Lines Ltd, has signed an MoU to acquire a 30% strategic stake in Pune-based Delta Global Allied Ltd.

Japan's UTOC Corporation, a wholly owned unit of Mitsui OSK Lines Ltd, has signed an MoU to acquire a 30% strategic stake in Pune-based Delta Global Allied Ltd, an engineering firm focused on power plants, petrochemicals, and refineries. The deal value was not disclosed. The companies aim to finalize a shareholders' agreement and complete regulatory approvals by June 2025. The acquisition aligns with UTOC's mid-term growth plan, UTOC BLUE ACTION 2035, to expand in South Asia, particularly India. UTOC, acquired by Mitsui OSK in March 2022, is diversifying into social infrastructure to reduce reliance on the volatile shipping business. The move strengthens UTOC's presence in India's plant and infrastructure sector.