Kanpur-based Frost International Ltd has acquired a 33.54 per cent stake in Agros Impex India Pvt Ltd (Agros) from the promoters of the company for an undisclosed amount, as per a release.
Frost has entered into a share purchase agreement with Agros’ promoters Vinod Agarwal and Anshu Agarwal to acquire the 5,32,520 shares (representing 33.54 per cent) held by them, by paying cash.
Amarchand & Mangaldas & Suresh A. Shroff Co. acted as the legal advisor to Frost on this deal.
The deal will help Frost manufacture high security registration plates (HSRPs); post the transaction, the company, together with its affiliates, will control the operations of Agros.
New Delhi-based Agros manufactures and exports HSRPs, vehicle registration number plates, hydraulic pumps, etc. The company installs, operates and establishes infrastructure for manufacture, distribution, sale and affixation of HSRPs across the country.
Incorporated in 1995, Frost is an export trading house that trades in diverse commodities with a presence in 28 countries across six continents. The firm, which is promoted by Uday J Desai, has 35 suppliers and over 90 clients.
Frost has recently started a garment manufacturing unit at Kanpur. In 2011-12, it reported a turnover of Rs 6,113 crore.
(Edited by Joby Puthuparampil Johnson)