New Delhi, July 27 -- Japan-based Galilei Holdings Co Ltd on Monday announced plans to acquire a minority stake in Mumbai-based Ice Make Refrigeration Ltd and set up a technology-led joint venture to manufacture and market commercial refrigeration products in India.
The Tokyo Stock Exchange-listed company will invest Rs 180 crore ($18.7 million) to acquire around 12.36% stake in Ice Make Refrigeration at Rs 802.51 per equity share.
"This marks a significant India-Japan partnership in the refrigeration and cold-chain space, supporting capacity expansion, technology enhancement, and long-term growth," the company said in a statement.
According to its website, Osaka-based Galilei Holdings, formerly known as Fukushima Industries Corporation, was established in 1951 and manufactures commercial freezers, blast chillers, refrigerated display cabinets, medical life sciences products, and clean water products.
The proposed joint venture, Ice Make Horeca Pvt Ltd, will be owned 40% by Ice Make Refrigeration, which will invest Rs 35.3 crore. Galilei will hold the remaining 60%.
The joint venture, which is subject to approvals from the ministry of corporate affairs, forms part of the company's growth strategy and is aimed at "accelerating business expansion and unlocking new opportunities in the areas set out in the JV agreement," according to the statement.
During the interim period, the JV will manufacture, assemble, import, and sell commercial upright and table-type refrigerators and other specified products. Once fully operational, it will expand into manufacturing, distribution, marketing, and servicing of commercial upright and table-type refrigerators, ice makers, modular blast chillers, along with providing related after-sales support.
Published by HT Digital Content Services with permission from VC Circle.