PNN

New Delhi [India], July 29: Ice Make Refrigeration Limited signs definitive agreements with Galilei Holdings Co. Ltd (formerly known as Galilei Co. Ltd) ('Galilei'), a Japanese company listed on the Tokyo Stock Exchange, to raise funds of INR 1,800 million from Galilei through a preferential issue of equity shares from Galilei and INR 100 Million from other investors, and to enter into a joint venture agreement with Galilei through the establishment of a newly incorporated company in which Galilei will hold 60% shareholding and the Company will hold 40% shareholding. The joint venture company shall, inter-alia, undertake the business of manufacturing, distributing, marketing, selling, supplying, or otherwise dealing in: (a) commercial upright type refrigerators; (b) commercial table type refrigerators.

The proposed fund raise marks a significant step in advancing the Company's long-term strategic growth vision. The proceeds will primarily be utilized towards capacity expansion, modernization of existing operations, and scaling of integrated solutions across the refrigeration and cold room value chain to address the growing demand from diverse industry segments.

As part of its growth strategy, the Company will also evaluate select inorganic growth opportunities, including potential acquisitions within the refrigeration, cold chain, and allied ecosystems, with the objective of strengthening its market presence and expanding technological capabilities.

A portion of the funds shall be deployed towards investment in a proposed joint venture with Galilei, aimed at accelerating business expansion and unlocking new opportunities. The fund raise will additionally support the completion of the Company's new corporate office, Centre of Excellence, and state-of-the-art development and testing laboratory, reinforcing its focus on innovation, research, and operational excellence.

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