Germany’s building products maker Schueco International KG has acquired a majority stake in facade maker Alufit India Pvt. Ltd. for an undisclosed sum.
“We have bought 75% stake in Alufit,” Andreas Engelhardt, CEO and managing partner, Schueco International KG, told The Hindu. “Both are privately owned family businesses. We have known each other for a long time and it fits well with our synergies.”
The new outfit will be called Alufit International Pvt. Ltd. and it will be headed by Pankaj Keswani as MD. It will accelerate Schueco’s focus on pursuing large commercial and infrastructure facade projects in India.
The 70-year-old Schueco is the world’s leading aluminium systems specialists and it is operating in India for 10 years, while 37-years Alufit is one of the country’s largest aluminium facade fabricators with a turnover of ₹500 crore.
Schueco International KG, which reported a turnover of €1.695 billion, in 2020, develops and sells system solutions for windows, doors and facades in more than 80 countries. In India, the German firm will continue to focus and grow its existing business model under the leadership of Shyam Raghunandan, MD, Schueco India.
“India is one of the most active markets for commercial and infrastructure development in the world. We are a long term player and have no plans for IPO. We plan to double the turnover from the Indian joint venture in the next three to four years,” he said.
“Alufit has three manufacturing facilities located in Bengaluru, Hosur, and Mumbai. The company has completed landmark projects including hospitality, World Trade Centers, IT parks and ITES campuses. We have order book of ₹600 crore,” said Mr. Keswani.
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