Aliaxis SA, a global leader in the manufacturing and distribution of advanced plastic piping systems, has agreed to acquire the remaining shareholding of Ashirvad Pipes Pvt Ltd (“Ashirvad”) from the Poddar family, the founders of the company.
As a part of the transaction, Aliaxis has acquired a 37% stake in addition to its 60% stake in Ashirvad and has agreed to acquire the remaining 3% stake from the Poddar family over a three-year period. Both parties have agreed to not disclose the financial details of the transaction.
This transaction concludes the successful JV between Aliaxis and the Poddar family, created in 2013. Aliaxis is looking forward to building on the solid foundation created by both partners and to further pursuing the growth opportunities available in the plumbing and agriculture markets in India. India is a high priority market for Aliaxis and the transaction underscores its long-term commitment to the country.
Laurent Lenoir, CEO of Aliaxis said: “We are excited about this new step we are taking in India, together with the 2,200 Ashirvad employees and our distribution partners. 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, leveraging our global innovation and product expertise to the benefit of the entire construction and agriculture community.