Aliaxis plans to fully own Ashirvad Pipes in 3 yrs
Aliaxis, a manufacturer and distributor of advanced plastic piping systems, today said it will fully acquire Ashirvad Pipes by buying out the remaining stake of the Poddar family in the next three years.
"As a part of the transaction, Aliaxis has acquired a 37 per cent stake in addition to its 60 per cent stake in Ashirvad and has agreed to acquire the remaining 3 per cent stake from the Poddar family over a three-year period. Both parties have agreed to not disclose the financial details of the transaction," a joint statement said today.
The deal concludes the joint venture between Aliaxis and the Poddar family, created in 2013, when the Belgium-based firm acquired a 60 per cent stake in Ashirvad Pipes.
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"This acquisition marks an important milestone in the development of Aliaxis in India. We are now ideally positioned to fully support the growth of Ashirvad in the Indian market and to further expand our activities in the subcontinent," said Laurent Lenoir, chief executive officer, Aliaxis.
Pawan Poddar, managing Director and co-founder of Ashirvad Pipes, would continue to be on the board of the firm.
Besides, the company has appointed Deepak Mehrotra and Sunil Banthiya as the managing director and the chief operating officer, respectively.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)