DCM Shriram Group’s Fenesta Buys 53 Percent Equity Position in DNV Global
In order to grow its business, the DCM Shriram group company Fenesta, which specializes in uPVC and aluminum windows and doors, paid Rs 44 crore to purchase a 53 percent equity position in DNV Global.
It is anticipated that the deal will be finalized within the next two months.
Fenesta will benefit from the acquisition of DNV Global in terms of backward integration and the chance to develop a new business segment (hardware).
"This strategic investment marks a significant step in Fenesta's vision to enhance customer experience, deepen vertical integration, enhance product reliability, achieve accelerated growth in scale and unlock operational synergies across its supply chain," DCM Shriram says.
The entire acquisition cost is Rs 44 crore, which includes Rs 13 crore for buying equity shares from the current promoters/shareholders and Rs 31 crore for subscribing to new DNV Global equity share capital.
Saket Jain, Business Head, Fenesta Building Systems, says, "The acquisition ...is a natural extension of our long-term growth strategy. Hardware plays a critical role in defining both the performance and user experience of our window and door systems."
"With this move, we not only deepen our supply chain capabilities but also gain the agility to innovate and expand our hardware offerings across new home improvement segments," he adds.
According to him, this combination will speed up Fenesta's capacity to provide more intelligent, robust, superior product variety, and comprehensive solutions.
One of the top manufacturers of solid panel doors, uPVC and aluminum windows and doors, and facades is Fenesta, a branch of DCM Shriram Ltd.
DNV Global was founded in 2013 and has a revenue of Rs 60 crore in the most recent fiscal year.
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Aside from Fenesta, DCM Shriram is involved in the sugar, fertilizer, and chemical industries.