Belgium-based Aliaxis SA has agreed to acquire the 40% stake it doesn’t already own in joint venture Ashirvad Pipes Pvt. Ltd from the partner Poddar family.
Aliaxis said in a statement that it has acquired a 37% stake from the Poddar family and will buy the remaining 3% over a three-year period. It didn’t disclose the value of the transaction.
Ashirvad Pipes was founded in 1998 by LN Poddar’s three sons–Pawan, Deepak and Vikas. The European company acquired a 60% stake in Ashirvad Pipes in 2013.
“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, CEO at Aliaxis.
Aliaxis makes and distributes advanced plastic piping systems. It has operations in over 45 countries, according to its website.
Ashirvad Pipes makes piping systems for domestic and agricultural use. The company has an annual manufacturing capacity of more than 100,000 metric tons.
The company’s revenue rose to Rs 2,380 crore for 2017-18 from Rs 2,029 crore the previous year. Its profit after tax increased to Rs 277 crore from Rs 217 crore, according to a Crisil report.