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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.
Ice Make Refrigeration Limited (ICEMAKE) signed definitive agreements with Galilei Holdings Co. Ltd to raise INR 1,900 million via preferential issue and form a joint venture (60% Galilei, 40% ICEMAKE) to manufacture commercial refrigerators.