Shinryo Corporation, a $1.7 billion Japanese Group will acquire GMP Technical Solutions Private Limited – India’s 2nd largest player in Cleanroom business, owned by Vascon Engineers Limited, said a company release.
The Mumbai based Rs3,00 crore company, GMP Technical Solutions Pvt Ltd is the manufacturer of Cleanroom Partitions in India, focused in pharmaceutical and semi-conductor segment apart from fast expanding into Modular Partition and HVAC solutions business.
Currently, 85% of GMP is owned by Vascon Engineers Limited, a leading real estate player in Pune. The balance 15% stake is owned by the Management team.
Japan based Shinryo Corporation, being one of the largest global HVAC players, is entering into a binding agreement to acquire 85% stake at a valuation of Rs 185 crore, subject to closing conditions, it said.
Singhi Advisors acted as an exclusive strategic and financial advisor to Vascon for their strategic stake sale in this transaction, while Dream Incubators (Japan) provided transaction advisory services to Shinryo.
GMP is the first company to start manufacturing clean room partitions in India by setting up its factory in Baddi, Himachal Pradesh in 2005. Having expanded in multiple states, GMP has completed 1300 projects in the last 15 years with 140 overseas projects in more than 47 countries. GMP has also specialized in HVAC Solutions business, it said.
Shinryo had acquired Suvidha Engineers India Private Limited in August 2018 – A leading HVAC system services company in India.
Source: Economic Times