The Board of Directors in their Board Meeting held today at 11:00 A.M. and ended at 12:00P.M.have considered and approved the proposal (I) To Acquire 51% stake by acquiring equity shares ....
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Narmada Macplast Drip Irrigation Systems has approved acquiring a 51% stake in GSK Industries Private Limited for a total consideration of approximately Rs. 36.46 crore (9,34,978 equity shares at Rs. 390 per share, paid in cash). GSK Industries manufactures HDPE pipes, MDPE pipes, HDPE sprinkler and drip irrigation pipes, valves, and related fittings — broadly aligned with Narmada's existing drip irrigation business. The acquisition is described as a horizontal integration aimed at strengthening supply chains and expanding geographic and distribution reach. The transaction is expected to be completed within 10–12 months. Separately, the board has also approved altering the main object clause of the company's Memorandum of Association to accommodate the new line of business. Notably, GSK Industries' turnover has been declining — from Rs. 106.7 crore in FY23 to Rs. 97.4 crore in FY24 to Rs. 59.2 crore in FY25.
The deal expands Narmada Macplast's product portfolio within irrigation and pipe manufacturing but comes at a premium price tag of ~Rs. 36.5 crore for a majority stake in a company whose revenues have shrunk by nearly 45% over two years, which investors should monitor closely. The 10–12 month execution window and pending MoA amendment mean the financial impact will be gradual rather than immediate.