Ice Make Refrigeration Partners with Japan’s Galilei Holdings for Strategic Investment and Joint Venture
Ice Make Refrigeration Ltd. (NSE: ICEMAKE) has entered into definitive agreements with Galilei Holdings Co. Ltd., a Japanese company listed on the Tokyo Stock Exchange, for a strategic investment and a joint...
Ice Make Refrigeration Ltd. (NSE: ICEMAKE) has entered into definitive agreements with Galilei Holdings Co. Ltd., a Japanese company listed on the Tokyo Stock Exchange, for a strategic investment and a joint venture aimed at accelerating the company’s long-term growth strategy.
According to an announcement by the company, Galilei will invest ₹180 crore through a preferential issue of equity shares, while Ice Make will also raise ₹10 crore from other investors through a preferential issue. The transaction is subject to shareholder approval, in-principle approvals from the stock exchanges, and customary closing conditions.
The company also announced the formation of a joint venture in which Galilei will hold a 60% stake and Ice Make will hold the remaining 40%. The joint venture will focus on manufacturing, marketing and distributing commercial upright refrigerators, commercial table refrigerators and related refrigeration products, combining Galilei’s global technology and product expertise with Ice Make’s strong market presence in India.
