Other Private Equity/Strategic Investments
Standard Engineering Technology acquires 20% stake in Japan’s GL Hakko for Rs.70-Cr
BSE Announcement Business Line
Hyderabad-based, publicly listed Standard Engineering Technology Ltd (SETL) has completed a phased equity investment in the Japanese glass-lined process equipment manufacturer GL Hakko, acquiring a 19.19 per cent stake for INR 70 crore. The investment is being funded through internal accruals.GL Hakko, founded in 1955 and headquartered in Nakatsu, Oita (Japan), specializes in glass-lining technology and has provided over 20,000 units to the chemical, pharmaceutical, and food industries. The primary capital infusion will support the expansion of the company's production capacity for semiconductor-grade equipment and glass-lined shell and tube heat exchangers, as well as the construction of a clean room.The deal grants SETL the right to increase its shareholding by an additional 31.88% for INR 116.7 crore by 2028, which would result in majority control with a 51.07 % stake. The deal is a related-party transaction, as an executive director of SETL holds an interest in the Japanese firm.
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