Mumbai, 11 July 2018
Aliaxis SA, the Belgium-based manufacturer of advanced plastic piping systems, on July 5, 2018 agreed to acquire the remaining shareholding of Ashirvad Pipes Pvt Ltd from the Poddar family, the founders of the company.
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.
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.
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.”
Pawan Poddar, Managing Director and co-founder of Ashirvad Pipes, commented, “In the previous years, together with our joint venture partner Aliaxis, we have significantly grown our business. We thank the Aliaxis team for the partnership over the past five years and I am confident that we leave Ashirvad in the right hands for Ashirvad to continue to remain the leading plumbing solutions provider in the country.”
Ashirvad has appointed Deepak Mehrotra and Sunil Banthiya as Managing Director and Chief Operating Officer respectively, with effect from July 5, 2018.
Deepak Mehrotra brings over 28 years of experience in Consumer Durables, FMCG and the telecom service industry. Before joining Aliaxis in 2017, he was working with Pearson India as Managing Director. He has also gained valuable experience with companies including Airtel and Asian Paints.
Sunil Banthiya brings 25 years of rich experience across supply chain and operations. Before joining Aliaxis in 2017, he has worked amongst others for 3M, where he has served as the Regional Manufacturing & Supply Chain Manager, South East Asia with operations spread over Singapore, Indonesia, Philippines, Vietnam, Thailand and Malaysia.