NEW DELHI: Infra.Market is set to acquire a majority stake in Strata Geosystems India in a deal pegged at about $110 million, the company said in a statement on Monday.
The majority stake, amounting to over 90% will be acquired from US-based Glen Raven Technical Fabrics and a group of Indian shareholders. The current shareholders of Strata, CEO Narendra Dalmia and chief development officer Gautam Dalmia will continue to lead the firm’s global operations.
Incorporated in 2004, Strata Geosystems which has presence across 30 countries was set up a joint venture entity between Glen Raven and a group of Indian shareholders. As part of the deal, Strata India will acquire the geosynthetics business of Glen Raven.
The announcement comes close on the heels of Mumbai-based construction solutions unicorn Infra.Market securing $150 million in funding from US-based alternative investment firm Varde Partners.
Strata which started as an early entrant in India’s technical textile sector has over time expanded its footprint into the geosynthetic manufacturing space and specialises in soil reinforcement technology.
“We at Infra.Market are attempting to build India’s largest multi-product construction material offering not only in India but globally.
The acquisition of Strata further enhances our capabilities in offering solutions across geosynthetics and related engineering and emboldens our vision to revolutionise the construction ecosystem across all product lines and services,” said co-founder Aaditya Sharda.
Backed by investors like Tiger Global and Accel Partners, Infra.Market is currently valued at $2.5 billion.
The majority stake, amounting to over 90% will be acquired from US-based Glen Raven Technical Fabrics and a group of Indian shareholders. The current shareholders of Strata, CEO Narendra Dalmia and chief development officer Gautam Dalmia will continue to lead the firm’s global operations.
Incorporated in 2004, Strata Geosystems which has presence across 30 countries was set up a joint venture entity between Glen Raven and a group of Indian shareholders. As part of the deal, Strata India will acquire the geosynthetics business of Glen Raven.
The announcement comes close on the heels of Mumbai-based construction solutions unicorn Infra.Market securing $150 million in funding from US-based alternative investment firm Varde Partners.
Strata which started as an early entrant in India’s technical textile sector has over time expanded its footprint into the geosynthetic manufacturing space and specialises in soil reinforcement technology.
“We at Infra.Market are attempting to build India’s largest multi-product construction material offering not only in India but globally.
The acquisition of Strata further enhances our capabilities in offering solutions across geosynthetics and related engineering and emboldens our vision to revolutionise the construction ecosystem across all product lines and services,” said co-founder Aaditya Sharda.
Backed by investors like Tiger Global and Accel Partners, Infra.Market is currently valued at $2.5 billion.
