Grasim Industries Limited signed a definitive agreement to acquire Soktas India Private Limited from Söktas Tekstil Sanayi Ve Ticaret A.S. for an enterprise value of INR 1.7 billion.

Grasim Industries Limited (NSEI:GRASIM) signed a definitive agreement to acquire Soktas India Private Limited from Söktas Tekstil Sanayi Ve Ticaret A.S. (IBSE:SKTAS) for an enterprise value of INR 1.7 billion on March 5, 2019. The consideration is subject to net debt and working capital adjustments as of the closing date. The transaction will be funded primarily out of internal accruals.

Soktas India Private Limited will become a wholly owned subsidiary of Grasim Industries upon completion of the transaction. For the year ended March 31, 2018, Soktas India reported revenue of INR 1.86 billion and EBITDA of INR 310 million. The completion of the transaction is subject to requisite approvals being obtained.