Poly Medicure Limited has informed the Exchange about Acquisition in relation of Disclosure pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended ('LODR Regulations') - Implementation of the Resolution Plan of Himalayan Mineral Waters Private Limited Limited under the Insolvency and Bankruptcy Code, 2016
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Poly Medicure Limited's Resolution Plan for Himalayan Mineral Waters Private Limited has been approved by the NCLT Allahabad Bench (order dated August 12, 2025). The medical device maker will acquire 100% equity stake in the target for a total cash consideration of INR 33.15 Crore, with completion expected within 30 days from the effective date. The target, a manufacturing entity incorporated in 1990 and based in Haridwar, Uttarakhand, currently owns a manufacturing facility on 2.717 hectares in SIDCUL Haridwar (adjacent to Poly Medicure's existing plant) and a 10.67-hectare land parcel in Bharuch, Gujarat. The acquisition is expected to bring synergies in operations, procurement, marketing, and sales. All required regulatory approvals, including NCLT and Companies Act approvals, have been obtained.
This is a strategically logical acquisition for Poly Medicure as the target's Haridwar facility sits right next to its existing plant, offering immediate operational synergies and expansion capacity. While the target's turnover has collapsed from ~Rs 7.9 Crore (FY21) to just Rs 4.46 lakh (FY23), the real value appears to be in the land bank — roughly 13.4 hectares across Haridwar and Bharuch — at a modest INR 33.15 Crore outlay. The deal is unlikely to materially move the stock but expands Poly Medicure's manufacturing footprint cost-effectively.