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Tiger Global-backed Infra.Market announced that it will acquire a majority stake in Strata Geosystems (India) — a geosynthetic manufacturing and geotechnical engineering company — for Rs 910 crore ($110 million) from US-based Glen Raven Technical Fabrics.
Additionally, the transaction also involves Strata India purchasing 100 per cent stake in the geosynthetics business of Glen Raven in the US.
Aaditya Sharda, co-founder of Infra.Market, said, “We at Infra.Market are attempting to build India’s largest multi-product construction material offering not only in India but globally.”
Infra.Market is a B2B marketplace for construction materials.
“The acquisition of Strata further enhances our capabilities in offering solutions across geosynthetics and related engineering. It emboldens our vision to revolutionise the construction ecosystem across all product lines and services,” added Sharda.
Strata is an early entrant in the technical textiles sector in India and has scaled to become a global leader in geosynthetic manufacturing, specialising in soil reinforcement technology.
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It addresses the evolving needs of construction by providing sustainable materials, while saving costs across various segments such as highways, landfills, mines, railways, ports, container yards and more.
As a category leader in India and North America, Strata is uniquely positioned to capture the enormous opportunity for adoption of geosynthetics in road and allied construction in India and other global markets.
The current operating shareholders of the company, Narendra Dalmia (chief executive officer) and Gautam Dalmia (chief development officer), will continue to remain invested and lead the global operations at Strata.
Narendra Dalmia said, “At Strata, we have built a world class manufacturing platform to cater to global customers with a broad spectrum of innovative products and solutions for an array of site development challenges worldwide. Geosynthetics are new-age construction products, which offer tremendous carbon savings and aid in sustainable construction goals. We have been at the forefront of advancing the adoption of these products in India and have successfully developed them in several infrastructure sectors such as highways and container yards.”
Gautam Dalmia said, “We are excited about this partnership with Infra.Market and believe the synergistic combination will help Strata to leverage significant opportunities in the geosynthetics sector globally.”
Avendus Capital was the exclusive financial advisor to Strata and its shareholders on the transaction.
