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 from the Poddar family, the founders of the company. This transaction concludes the successful JV between Aliaxis and the Poddar family, created in 2013.
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.
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.”
Ashirvad has appointed Deepak Mehrotra and Sunil Banthiya as Managing Director and Chief Operating Officer respectively, with effect from July 5, 2018.
Founded in 1998 by the Poddars, Ashirvad Pipes Pvt. Ltd is a leader in the manufacture of PVC and CPVC piping systems. With its state-of-the-art factories, the company has an annual manufacturing capacity of more than 100,000 metric tons and manufactures a complete range of quality plastic piping systems for domestic and agricultural use. The manufacturing systems adhere to the highest level of international quality for a maintenance free life.
Aliaxis is a global leader in the manufacturing and distribution of advanced plastic piping systems. The company provides people around the world with sustainable innovative solutions for water and energy, leading the industry in a way that anticipates the rapidly evolving needs of its customers.