Ice Make Refrigeration has announced a strategic partnership with Japan-based Galilei Holdings, under which the Tokyo Stock Exchange-listed company will invest Rs 180 crore in the Indian refrigeration equipment maker through a preferential issue of equity shares, according to an official statement.
In addition to Galilei’s investment, Ice Make will raise another Rs 10 crore from other investors through a preferential issue. The proposed transaction is subject to shareholder approval, stock exchange clearances and other customary regulatory approvals, the statement mentioned.
As part of the agreement, the two companies will establish a joint venture focused on manufacturing, marketing and distributing commercial upright refrigerators, commercial table refrigerators and other refrigeration products.
Galilei will hold a 60% stake in the venture, while Ice Make Refrigeration will own the remaining 40%. The partnership aims to combine Galilei’s global technology and product expertise with Ice Make’s established presence in the Indian market.
According to the company, the fresh capital will be used to expand manufacturing capacity, modernise existing facilities and scale its integrated refrigeration and cold room solutions to meet growing demand across industries.
Ice Make also plans to explore selective inorganic growth opportunities in the refrigeration, cold chain and allied sectors to strengthen its market position and enhance its technological capabilities. Part of the proceeds will also be invested in the newly formed joint venture with Galilei to support future expansion, the statement mentioned.
The company said the funds will also be used to complete its new corporate office, Centre of Excellence and a state-of-the-art development and testing laboratory, reinforcing its focus on innovation and research.
