The move is aimed at establishing the privately owned Noida-based renewable energy company’s presence in the US, according to the people.

Chinese Parent
Boviet ranks among the top 10 solar equipment makers in the US. Enterprise value factors in debt and cash holdings, making it a more composite measure of a company’s total value than equity value alone. Boviet Solar’s parent company, Chinese diversified industrial group Ningbo Boway Alloy Material, announced a strategic review of its US business about two months ago, sparking speculation about an imminent sale.

It said at the time that there were “ongoing trade and policy challenges” for US solar products and“changes to US subsidy eligibility, which have influenced parent-level capital allocation considerations.”

Multiple Chinese solar equipment manufacturers have reviewed their US investments over the past six-eight months in the face of stiff regulatory scrutiny of Chinese equipment under the Trump administration.

Inox Clean Energy eyes $750M Boviet Solar buy to enter US market

Inox Clean Energy sees this as an opportunity to tap into the US market for residential, commercial and industrial solar energy installations and expand its international footprint, according to people with knowledge of the matter. Queries sent to Inox Clean Energy and Boviet Solar did not elicit a response till press time.

Inox Clean Energy generates green power and manufactures solar equipment such as cells and modules through two companies — Inox Neo Energies and InoxSolar Ltd.

It plans to scale up solar cell and module capacity as well as installed green energy generation capacity. Recently, it announced an investment from a group of investors including the California Public Employees’ Retirement System, the largest defined-benefit public pension fund in the US, which valued Inox Clean Energy at $5.5 billion.

Inox Clean Energy is part of the diversified INOXGFL group, which has interests in fluorochemicals, battery materials manufacturing, wind and solar equipment, power generation and operations and maintenance of wind farms.

The company had filed confidentially for an initial public offering in July last year but withdrew its draft red herring prospectus in December to focus on fundraising and acquisitions.

It then went on to acquire Macquarie-owned Vibrant Energy, an Indian renewable energy company that supplies electricity to Amazon’s establishments in the country. It also announced the acquisition of a solar projects portfolio from SunSource Energy, the Indian arm of the Netherlands-based SHV Energy.

The US tightened its Foreign Entity of Concern guidelines last year to restrict Chinese-origin suppliers from accessing clean energy tax credits.

This triggered a review by Chinese solar equipment companies with a US presence. China’s JA Solar recently sold its Arizona facility to US material sciences firm Corning Inc. Similarly, Chinese solar photovoltaic firm Trina Solar sold its US facility to T1 Energy.

Inox Clean Energy’s renewable energy generation arm, Inox Neo Energies, is targeting an installed generation capacity of 10 gigawatts by 2028. Inox Solar aims to set up 11 GW of solar module manufacturing capacity and 8 GW of solar cell manufacturing capacity during this period.

The post Inox Clean Energy eyes $750M Boviet Solar buy to enter US market first appeared on M&A Critique.

Promoters of the Mumbai-based company are expected to retain a 15-20% stake after the transaction, the people said. Investment bank O3 Capital is advising the promoters on the proposed deal.

Global investors including EQT, TPG, KKR, and Warburg Pincus earlier exited the stake sale negotiations due to differences over valuation. Samarth wants to raise fresh capital to support the next phase of growth, including investments in new factories and to expand its domestic presence, the people said.

Founded in 1963 by Gunwantlal Shah, the company has built a diversified portfolio spanning critical care, cardiac, anti-infectives, urology, oncology, and gynaecology therapies.

Samarth remained largely low-key for much of its existence but has seen a marked improvement in performance over the past decade, attracting interest from PE firms. However, previous discussions didn’t culminate in a deal due to the valuation differences.

The promoters are seeking a valuation multiple of nearly 30 times, which prospective investors are finding steep, the people said. Samarth reported Rs 160-170 crore in earnings before interest, tax, depreciation, and amortisation (Ebitda) in FY26. Samarth Pharma and Quadria Capital didn’t respond to email queries.

Samarth recorded sales of Rs 727 crore, growing at 16% compounded annually, outpacing the industry growth rate of 10-12%, according to market tracker PharmaTrac. Among its leading brands are Caprin, an anticoagulant therapeutic injection used to prevent blood clots, which posted sales of Rs 74 crore in March 2026 on a moving annual turnover (MAT) basis, with a five-year compound annual growth rate (CAGR) of 27%; Poly B, a potent anti-infective used in hospitals, with sales of Rs 38 crore; and respiratory product Mucomix, used in COPD and bronchitis, with sales of Rs34 crore. People said Samarth has built a strong reputation in the injectables and sterile segment, which has relatively fewer companies and offers high margins.

The company has also expanded into overseas markets including the UK, South America, Southeast Asia, and Africa.

Differences over Valuation

Investment bank O3 Capital is advising the promoters of the Mumbai-based company on the proposed deal.

Global investors including EQT, TPG, KKR, and Warburg Pincus earlier exited the stake sale negotiations due to differences over valuation. Samarth wants to raise fresh capital to support the next phase of growth, including investments in new factories and to expand its domestic presence, the people said.

Founded in 1963 by Gunwantlal Shah, the company has built a diversified portfolio spanning critical care, cardiac, anti-infectives, urology, oncology, and gynaecology therapies.

Samarth remained largely low-key for much of its existence but has seen a marked improvement in performance over the past decade, attracting interest from PE firms. However, previous discussions didn’t culminate in a deal due to the valuation differences.

The promoters are seeking a valuation multiple of nearly 30 times, which prospective investors are finding steep, the people said. Samarth reported Rs 160-170 crore in earnings before interest, tax, depreciation, and amortisation (Ebitda) in FY26. Samarth Pharma and Quadria Capital didn’t respond to email queries.

Samarth recorded sales of Rs 727 crore, growing at 16% compounded annually, outpacing the industry growth rate of 10-12%, according to market tracker PharmaTrac.

Among its leading brands are Caprin, an anticoagulant therapeutic injection used to prevent blood clots, which posted sales of Rs 74 crore in March 2026 on a moving annual turnover (MAT) basis, with a five-year compound annual growth rate (CAGR) of 27%; Poly B, a potent anti-infective used in hospitals, with sales of Rs 38 crore; and respiratory product Mucomix, used in COPD and bronchitis, with sales of Rs 34 crore.

People said Samarth has built a strong reputation in the injectables and sterile segment, which has relatively fewer companies and offers high margins.

The company has also expanded into overseas markets including the UK, South America, Southeast Asia, and Africa.

Strong PE Interest

Healthcare-focused Quadria manages more than $4.2 billion in assets across 29 investments in South and Southeast Asia.

In India, the PE firm holds about a 15% stake in Encube Ethicals, which specialises in topical formulations, and has a strong portfolio of creams, gels, and ointments across dermatology and reproductive healthcare.

A proposed stake sale by the promoters of Encube Ethicals and Quadria failed due to a valuation mismatch, ET reported last month.

The post Quadria, PE funds eye stake in Samarth Lifesciences; deal may value firm at Rs 4,500 crore first appeared on M&A Critique.

The venture will use JFSL’s digital distribution capabilities with Allianz’s underwriting expertise. Operations will begin after regulatory approvals are secured.

JFSL and Allianz are also working toward a separate binding agreement for life insurance business in India, Jio said.

“Insurance is not just a product, but it is the foundation upon which families build their futures with confidence and are able to pursue their ambitions without fear,” said Mukesh D Ambani, chairman, Reliance’s Industries, the owner of Jio. “Insurance for All by 2047 is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it.”

The post Jio Financial Services, Allianz Group ink 50:50 general, health insurance JV first appeared on M&A Critique.

Sazerac, ‌home of brands such as Corazon tequila and Svedka vodka, already holds about 60% of the privately held liquor maker after buying stakes including from Gaja Capital nearly a decade ago.

There is no timeline, ​but the parties have agreed in principle to jointly explore changes in shareholding, John ​said, adding any sale of his remaining stake would likely be at ⁠a higher valuation than the most recent transaction.

Founded roughly three decades ago, Bengaluru-based John Distilleries ​sells products across budget and premium segments, including Original Choice whisky and the Paul John ​single‑malt brand.

“I have taken the company to the level that I could do it on my own, and from now on, it really needs a big daddy,” founder and chairman Paul John told Reuters. “An association ​with somebody like Sazerac seems to be a good pitch.”

India is on course to become the world’s largest spirits market by volume by 2032, overtaking China, with 15 million to 20 million new consumers entering the market each year, according to alcohol industry data provider ​IWSR.

John Distilleries’ revenue rose 20% ​to 94.5 billion rupees ⁠in the year ended March 2025, according to private market data provider Tracxn, broadly in line with the company’s growth rate over ​the past five years, a pace its founder said it expects to ​maintain.

Profitability has ⁠lagged revenue growth due to investments in premium brands and thin margins in high‑volume budget segments, but John said the company expects to turn profitable by fiscal 2028.

India’s alcohol industry is facing ⁠supply ​constraints of cans and glass bottles amid global disruptions, ​but John said the impact on his company was limited as much of its sales are in small carton ​packs.

The post India’s John Distilleries open to further stake sale to Sazerac, founder says first appeared on M&A Critique.

The company has acquired Nordexim MV International, a coffee manufacturing (OEM) and packaging facility in Romania, reinforcing its ability to deliver Indian coffee to global markets through integrated private label solutions. Shyamprasad Kodimule, Founder and President, Vidya Herbs, said, “This strategic step strengthens our global presence and enables us to expand India-produced coffee across key international markets.”

The acquisition strengthens VIDYA’s coffee business by establishing a European presence and expanding access to key international customers. It also enhances proximity to customers, optimises supply chain efficiency, and accelerates global expansion of Indian coffee in market-ready formats.

Backed by its ‘Berry to Cup’ approach and integrated manufacturing and packaging capabilities, VIDYA delivers customised, high-quality coffee solutions aligned with evolving global consumer preferences.

This development advances VIDYA’s global coffee strategy and positions it as a trusted partner in the international coffee value chain.

Coffee as a flagship growth engine

While Vidya Herbs built its global credibility through botanical science, coffee has emerged as one of the company’s most important growth drivers. Entering the coffee sector in 2014, VIDYA positioned itself not as a trader but as an integrated processor, beginning with green bean exports from Chikmagalur and steadily evolving into a structured and scalable coffee business.

Today, Vidya Coffee ranks among India’s leading coffee producers and exporters, a position earned through manufacturing depth rather than market opportunism. The company states that it processes approximately 20,000 tonnes annually in India, complemented by an additional 5,000 tonnes at its Uganda facility. Further strengthening its capabilities, the Belur manufacturing unit in Karnataka has added 40,000 tonnes of processing capacity while generating more than 500 direct jobs.

This scale reflects a deliberate strategy to control the entire coffee value chain, from sourcing and curing to roasting, instant coffee production, and global exports.

Unlike fragmented export models, VIDYA has built deep vertical integration, supported by advanced processing technologies, quality profiling systems, and customisation capabilities. This enables the company to serve global F&B and FMCG brands that demand consistency, sensory precision, and regulatory compliance across markets.

Beyond scale, the focus is on value-added solutions. Research-driven coffee profiling, process optimisation, and stability validation have strengthened VIDYA’s position in premium and customized beverage solutions. By combining agronomic expertise with industrial processing, the company operates at the intersection of agricultural heritage and technological precision.

This approach aligns with evolving global consumption trends, where demand is rising for functional beverages, ready-to-drink formats, and clean-label instant coffee. In this landscape, manufacturers capable of delivering scalable, application-ready coffee solutions are becoming strategic partners to global brands.

VIDYA’s coffee vertical reflects a clear transition from commodity exports to value-added, globally compliant solutions. With its expanding international footprint, including its European manufacturing presence, the company is strengthening its ability to serve global markets with greater agility, scale, and proximity to customers, reinforcing its role as a long term partner in the international coffee ecosystem.

The post VIDYA strengthens global coffee presence with acquisition in Romania first appeared on M&A Critique.

The acquisition will allow Wipro to expand its portfolio beyond hydraulic cylinders and enter the hydraulic attachments market.

Established in 1976, Indeco manufactures hydraulic hammers, mulching heads, shears, and other demolition-related attachments for the construction, demolition, and recycling industries. The company operates seven manufacturing facilities in Italy and one in the US.

“This acquisition adds attachments to our current hydraulic cylinder portfolio thereby broadening our customer offering. Our value proposition is enhanced with the expanded manufacturing & distribution footprint and talent. Wipro Hydraulics and Indeco each brings a 50-year legacy, with strong product positioning built on innovation, quality, reliability, and customer service,” Wipro Hydraulics President Sitaram Ganeshan said.

Despite the stake buyout, the founding Vitulano family will remain operationally involved in Indeco.

Indeco CEO Susanna Vitulano said Wipro is the “perfect partner” to nurture the company’s next phase of growth.

“Indeco will leverage enhanced R&D capabilities and a vast global network to further develop its existing organisation and products,” she said.

Wipro Hydraulics designs and manufactures custom-built hydraulic cylinders for diverse segments like construction and earthmoving, material and cargo handling, forestry, farm and agriculture, mining, and truck tipping solutions.

The post Wipro Hydraulics to acquire majority stake in Italy’s Indeco Ind Spa first appeared on M&A Critique.

The company, owned by India’s sovereign wealth fund National Investment and Infrastructure Fund (NIIF) and financially stressed Energy Efficiency Services Ltd (EESL), has received around 10 bids and four-five bidders are expected to be shortlisted for due diligence within a week, the people said.

The transaction is expected to value IntelliSmart at an equity valuation of $400 million (around ₹3,700 crore), they added.

Global investors such as Partners Group, Macquarie, KKR and Actis have submitted non-binding bids. Domestic strategic players including GMR Smart Electricity Distribution, Greater Pacific Capital-backed Enzen Global Solutions, Adani Energy Solutions, I Squared Capital-owned Polaris Smart Metering, GIC-backed Genus Power and Apraava Energy have also participated in the process.

Deloitte is running the sale process.

Macquarie and Partners Group spokespersons declined to comment, while queries sent to NIIF, KKR, Adani Group, Actis, Apraava Energy, Polaris and Genus did not elicit any response till press time Tuesday.

IntelliSmart, set up in 2019, has secured orders for around 22 million smart meters from various state utilities. Of these, it has installed around 600,000 meters in Assam and about half a million in Uttar Pradesh. NIIF owns a 51% stake in IntelliSmart, while EESL holds the rest.

EESL, backed by public sector undertakings NTPC, Power Finance Corporation, Rural Electrification Corporation and Power Grid Corporation of India, had total outstanding long-term borrowings of ₹6,045 crore as of March 31, 2025, compared with ₹7,070 crore a year earlier, reflecting a gradual reduction but still elevated leverage levels. Its debt burden is understood to have prompted the proposed divestment of IntelliSmart.

The sale process comes amid the government’s ambitious rollout of the Revamped Distribution Sector Scheme (RDSS), which aims to install 250 million prepaid smart meters by 2027 to reduce aggregate technical and commercial losses. The programme is backed by an estimated investment of ₹1.35 lakh crore, with implementation expected to extend through 2035.

Under the scheme, smart metering works have been sanctioned for 45 distribution utilities in 28 states/ union territories. Till January 15, 40.5 million smart meters have been installed under the RDSS.

With the RDSS rollout gathering pace, global investors have intensified their focus on Indian smart meter manufacturing, strengthening their footprint via acquisitions.

Greater Pacific Capital invested $100 million in Enzen Global Solutions, a knowledge practitioner in the energy and utilities sector. Enzen has a subsidiary named ZenMeter Solutions, which manufactures advanced smart meters.

UK-based Actis had formed a JV last year with EDF India to operate a dedicated platform for concessions as an advanced metering infrastructure service provider.

In 2023, Singapore’s GIC had partnered with Genus Power Infrastructures, to establish the $2 billion platform for financing and developing Advanced Metering Infrastructure Service Provider (AMISP) concessions. GIC holds a 74% stake in this platform, while Genus holds 26%.

As of 2024, the Central Electricity Authority has identified about 45 firms as manufacturers or providers of smart electricity meters in India.

Major power producers also operate smart meter subsidiaries to tap the multi-billion market.

GMR Smart Electricity Distribution is executing a project to replace 7.6 million conventional meters with smart meters for distribution companies in Uttar Pradesh.

A subsidiary of Apraava Energy, Apraava Smart Meter, has secured a contract with Assam Power Distribution Company for installing 690,000 prepaid smart meters. Apraava Kutch Saurashtra Smart Meter, another subsidiary of Apraava Energy, is setting up smart meters in Gujarat.

Smart Meter penetration in India at 5-6% lagged behind developed nations like Japan (100%) and the US (73%), as well as the global average of 43%, highlighting an urgent need to bridge this gap and enhance energy efficiency, Care Edge said in a report last year. According to it, the plan to install 250 million smart meters over five years presented a $20-25 billion opportunity in the energy sector.

The power ministry, meanwhile, has extended the target completion date for installing 250 million smart meters by two years to March 2028.

The post Global funds, Adani, GMR, others in race for NIIF’s smart meter business first appeared on M&A Critique.

The business acquisition will enable Wipro’s access to certain key clientele, their customer contracts as well as the related workforce, augmenting its existing AI-powered, and consulting-led application services capabilities, and fuelling new growth opportunities.

“Wipro Limited, through its subsidiaries, signed a definitive agreement on April 14, 2026 to acquire select customer contracts of Alpha Net Consulting LLC and its subsidiaries,” the BSE filing said.

The deal involves cash purchase consideration of up to $70.8 million, subject to closing adjustments. This includes a deferred consideration in the form of earnout, payable subject to the achievement of certain performance metrics and conditions.

The transaction is expected to be completed by June 30, 2026.

Alpha Net Group was founded in 2001 and is headquartered in Santa Clara, California, US with additional presence in Singapore, India, the UK, and the Netherlands.

The Alpha Net Group provides enterprise software development, data engineering, and managed services for global clientele in an AI-first world.

Its revenue from the select customers whose contracts have been acquired by Wipro, for the last 3 completed years (period ended December 31) is $27.9 million (calendar year 2023); $34.4 million (2024); and $37.3 million (2025).

The post Wipro to acquire select Alpha Net customer contracts for up to $70.8 mn first appeared on M&A Critique.

The business acquisition will enable Wipro’s access to certain key clientele, their customer contracts as well as the related workforce, which will augment Wipro’s existing AIpowered, and Consulting-led application services capabilities, thus helping drive new growth opportunities.

The transaction is expected to be completed by 30 June 2026.

Wipro is acquiring certain customer contracts from the Alpha Net Group, which was founded in 2001 and is headquartered in Santa Clara, California, USA with additional presence in Singapore, India, UK, and Netherlands. The Alpha Net Group provides enterprise software development, data engineering, and managed services for global clientele in an AI-first world.

The post Wipro to acquire select customer contracts of Alpha Net Consulting LLC first appeared on M&A Critique.

Singapore-based private equity firm Everstone Capital will invest close to $270 million for a significant stake in Apothecon Group, which includes India-based Apothecon and US-based Navinta, it said in a statement on Tuesday.

The post Everstone invests $270 million in Apothecon Group for a significant stake first appeared on M&A Critique.