5 July 2018
Aliaxis SA, a global leader in the manufacturing and distribution of advanced plastic piping systems, has acquired the remaining shareholding of Ashirvad Pipes Pvt Ltd (“Ashirvad”) from the Poddar family, the founders of the company.
This transaction concludes the successful JV between Aliaxis and the Poddar family that originated in 2013. Aliaxis is looking forward to building on the solid foundation created by the founding family to pursue 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% stake in addition to the initial 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 declined to disclose the financial details of the transaction.
Laurent Lenoir, CEO of Aliaxis said: “We are excited about taking this new step in India, together with 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.
I would like to express my sincere gratitude to the Poddar family, the founders of Ashirvad, and our loyal business partners for many years. With the support of Aliaxis, and under the leadership of Pawan, Deepak, and Vikas Poddar, Ashirvad has grown into a leading player in the industry. I am also very pleased that Pawan has agreed to continue a formal association with us by remaining a member of the Ashirvad Board of Directors.”
Pawan Poddar, Managing Director and co-founder of Ashirvad 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. Finally, I am very pleased to support the appointment of Deepak Mehrotra, as my successor to manage Ashirvad. Deepak is a seasoned professional and I wish him all the success to guide the company to even greater heights.”
Ashirvad has appointed Deepak Mehrotra and Sunil Banthiya as Managing Director and Chief Operating Officer respectively, with effect from July 5, 2018.