Aquisitions | Business Upturn

Here’s all about IndInfravit Trust’s acquisition of 4 Brookfield Road Projects priced at nearly $1 Billion

Kashvi Basu — Fri, 16 Jun 2023 17:29:57 +0000

IndInfravit Trust on June 16th, 2023 informed that it had completed the acquisition of four operational road projects from the funds managed by Brookfield Asset Management in an all-cash transaction valued at around USD 1 billion.

After the entire completion of the said deal, four assets were picked up, namely- Simhapuri Expressway, Rayalseema Expressway, Mumbai-Nashik Expressway and Kosi Bridge Infrastructure Company. The funding for the acquisition was via a rupee term loan, the issue of non-convertible debentures and the preferential issue of units to the unitholders namely, Canada Pension Plan Investment Board (CPP Investments) and OMERS Infrastructure. This platform-level acquisition is one of the largest in the domestic roads sector in recent times and is in line with IndInfravit’s growth strategy. At this stage, IndInfravit’s portfolio comprises projects with 7,300 lane km across eight states and strengthens its position as one of the leading infrastructure investment trusts in the country, told Pawan Kant, chief executive officer of LTIDPL IndvIT Services. The company is thoroughly backed by numerous global investors such as Canada Pension Plan Investment Board (CPP Investments), Ontario Municipal Employees Retirement System (Omers Infrastructure) and Allianz Capital Partners.

IndInfravit Trust is among those few which were first to be listed on a private placement basis on the NSE and BSE in May 2018 and stays one of the largest Invits in the roads sector till this date, along with a network of around 7,300 lane km. It currently operates and maintains 17 BOT/annuity road assets across eight states.

Whirlpool India holds 87% stake in Elica PB with a recent investment of $57 million

Cheryll Jain — Tue, 28 Sep 2021 08:33:05 +0000

Consumer durables maker Whirlpool India Limited announced that it has entered into a share purchase agreement with Elica S.p.A, an Italian manufacturing company, to acquire an additional 38 per cent stake in its Indian venture Elica PB India for $57 million. Prior to this, Whirlpool of India had acquired a 49% equity interest in Elica PB India in 2018.

The transaction which is set to conclude by the end of September will bring Whirlpool’s total equity ownership in Elica PB India to 87 per cent. After the completion of the deal, Elica PB India will become a majority-owned subsidiary of Whirlpool India, a statement released by Whirlpool of India said.

Expressing his delight over the new development, the Managing Director of Whirlpool of India Vishal Bhola said, “We are very excited about this transaction and it is aligned with our ambition to accelerate profitable growth in India.”

“Cooking and built-in appliances are under-penetrated categories and the demand has now accelerated with consumers picking up cooking as a passion and investing more in their kitchens,” he further noted on acquiring Elica PB India, which manufactures kitchen equipment and appliances.

“Our consumers have always been at the heart of our business and now with both Elica and Whirlpool brands, we are in an even better position to improve life at home for them,” Bhola said. Whirlpool of India is targeting to use this newfound opportunity to advance further into the kitchen appliance market in the country.

The regulatory statement, which was submitted to the exchanges also noted Elica PB India’s stance on the acquisition. “Over the last decade, Elica PB India has built a very strong product portfolio and distribution network in India, which it has been harnessing for the last three years to build both the Elica and Whirlpool brands in the cooking category,” Pralhad Bhutada, chief executive officer and director of Elica PB India said, asserting that this acquisition will be beneficial for both the companies moving ahead.

Happiest Minds to acquire Pimcore Global Services for $8.25 million

Devanshu Singla — Sat, 30 Jan 2021 08:51:41 +0000

Happiest Minds Technologies Ltd will acquire US-based Pimcore Global Services for USD 8.25 million (about Rs 60 crore).

Pimcore Global Services is a digital e-commerce and data management solutions company based in Houston.

On Friday, Happiest Minds in a regulatory filing said “Happiest Minds Technologies Ltd has concluded and signed definitive agreements to acquire 100 per cent ownership interest of PGS Inc (doing business as Pimcore Global Services) for a consideration of USD 8.25 million.”

The company stated, “The acquisition will further strengthen Happiest Minds’ offerings and leadership in the digital transformation space.”

The acquisition is subject to customary closing conditions and is expected to close in the quarter ended March 31, 2021. It will also help create greater digital capital for customers and facilitate onboarding more customer logos of strategic consequence.

The filing stated that PGS has a strategic partnership with Pimcore Austria to deliver solutions around Pimcore, an open-source framework which helps enterprises establish a robust digital presence through seamless data and experience management.

PGS clientele includes customers across retail, CPG and manufacturing sectors.

“PGS and Happiest Minds have had a successful strategic partnership pursuant to which Happiest Minds has been rendering offshore services to PGS,” it said.

Revenues of PGS for the fiscal ending December 31, 2020 were at USD 10.6 million and Happiest Minds counts PGS amongst its list of USD 2 million-plus customers.