Shinryo Corporation has announced plans to acquire an 85% stake in Mumbai-based GMP Technical Solutions. The remaining 15% stake will continue to be held by GMP’s management. This move is part of Vascon Engineers’ strategy to focus on its core real estate business by divesting a non-core asset.
The equity deal values GMP at Rs 185 crores and involves purchasing the stake from Vascon Engineers Ltd, a Pune-based firm. Vascon Engineers Ltd acquired GMP’s stake in 2010, noting that selling a “non-core” asset would boost its real estate business. Shinryo’s acquisition of GMP’s stake is pending regulatory and other approvals.
GMP Technical Solutions is currently India’s second-largest supplier of clean room equipment, serving industries like pharmaceuticals, biotechnology, and lithium-ion batteries. They also cater to emerging sectors such as semiconductor assembly and manufacturing.
Shinryo, a global leader in HVAC systems, mentioned that GMP Technical Solutions’ strong position in India’s clean room partitions market would support its expansion in the country. The demand for clean room partitions is increasing in sectors such as electronics, semiconductor manufacturing, and batteries. Regulatory approvals are pending for the acquisition, as stated in the release announcing the deal.
