Elpro International Ltd. has received approval from its shareholders for the acquisition of 100% of the partnership interest in EduSpace Services LLP (EduSpace). The deal, valued at ₹214.14 crores, is a related party transaction, with key stakeholders including the company’s promoter, Mr. Surbhit Dabriwala, IGE (India) Private Limited, a member of the promoter group, and Zenox Trading and Manufacturing Private Limited, a fellow subsidiary of IGE India.
The acquisition aims to enhance Elpro’s real estate portfolio, further complementing its existing property development and leasing services. The company plans to complete the transaction by March 31, 2025. The entire consideration will be paid in cash, with ₹31.91 crores paid to IGE, ₹0.21 crores to Zenox, and up to ₹218.42 crores, including interest, to Mr. Dabriwala.
EduSpace, incorporated in November 2018, specializes in real estate and leasing, with a turnover of ₹6.68 lakh in FY 2023-24. Upon completion of the transaction, Elpro International Ltd. and Elpro Reality Private Limited will jointly hold a 100% partnership interest in EduSpace.
