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Shinryo Corporation to acquire 85% stake in GMP Technical Solutions
Industry News- Jul 22,24
The stake will be acquired from Pune-based engineering and real estate firm Vascon Engineers Ltd.
Japanese conglomerate Shinryo Corporation has announced its plan to acquire an 85% stake in Mumbai-based clean room partition maker GMP Technical Solutions for an equity valuation of Rs 1.85 billion. The stake will be acquired from Pune-based engineering and real estate firm Vascon Engineers Ltd.
The remaining 15% of GMP Technical Solutions will continue to be held by the company's management, according to a release announcing the deal.
Vascon Engineers, which acquired the stake in GMP in 2010, stated that exiting this ‘non-core’ asset will help it boost its real estate business. Shinryo's stake acquisition in GMP is subject to regulatory and other approvals.
Currently, GMP Technical Solutions is India's second-largest clean room equipment maker, supplying sectors such as pharmaceuticals, biotechnology, lithium-ion batteries, and more. GMP also provides clean room partitions to emerging sectors like semiconductor assembly and manufacturing.
Shinryo, a global provider of heating, ventilation, and air conditioning (HVAC) systems, stated that GMP Technical Solutions' strong position in the Indian clean room partitions market will facilitate Shinryo's expansion in India. The growing demand for clean room partitions is driven by sectors such as electronics, semiconductor manufacturing, and batteries.
Singhi Advisors acted as the strategic and financial advisors for Vascon in the transaction, while Shinryo was advised by Dream Incubators (Japan).
(Source: Moneycontrol)
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