# Galilei Holdings to acquire 12.36% stake in Ice Make Refrigeration and form JV

Japan's Galilei Holdings Co Ltd will invest Rs 180 crore ($18.7 million) to acquire a 12.36% stake in Ice Make Refrigeration Ltd and form a joint venture, Ice Make Horeca Pvt Ltd, to manufacture commercial refrigeration products in India. The JV will be 60% owned by Galilei and 40% by Ice Make.

- Type: Acquisition
- Announced: 2026-07-27
- Where: Mumbai, India
- Value: $18.7M (1.80B INR)
- Status: announced
- Products: commercial upright and table-type refrigerators, ice makers, modular blast chillers
- Sectors: [HVAC and Industrial Refrigeration](https://endata.com/sectors/hvac-refrigeration.md)

## Companies

- [Ice Make Refrigeration Limited](https://endata.com/companies/39270.md) (target)
- [Galilei Holdings Co. Ltd](https://endata.com/companies/93167.md) (acquirer)
- [Ice Make Horeca Pvt Ltd](https://endata.com/companies/93198.md) (partner)

## Sources

- [vccircle.com](https://www.vccircle.com/japans-galilei-holdings-to-acquire-stake-in-ice-make-refrigeration-form-jv), 2026-07-27: "This marks a significant India-Japan partnership in the refrigeration and cold-chain space, supporting capacity expansion, technology enhancement, and long-term growth."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.