Infra.Market acquired 100% stake in RDC for Rs 730 crore ($100 million), according to people aware of the development. True North acquired the company for $20 million in 2005.
RDC Concrete, which manufactures and supplies Ready Mix Concrete (RMC), has clients includes construction companies, real estate developers, contractors, infrastructure companies, road projects, Industrial Projects, Commercial Projects, and individual owners.
It has 52 plants across India and is expected to clock annual revenue of over 1000 crore in FY22. It posted a revenue of Rs 830 crore in FY20. RDC Concrete India was established in 1993 with participation from RDC concrete, Singapore.
“RDC through its customer-focused approach has consistently given industry leading operational and financial performance. RDC has grown exponentially over the last decade, and we see this growth accelerate with a committed partner like Infra.market,” said Ashish Bhargava, Partner, True North.
“Concrete was one of the first product categories we started with where we believed technology and an enhanced customer experience would enable us to build a differentiated offering in the sector. Today’s acquisition of RDC is a significant benchmark for us as we have successfully reached a category defining position in the concrete industry and become a market leader,” said Souvik Sengupta, Founder, Infra.market.
ALSO READ TECH NEWSLETTER OF THE DAY
Amazon has begun an investigation into allegations of corruption by its legal representatives in India and has placed a senior member of the team on leave, The Morning Context reported earlier today.
Read Now
Infra.Market had acquired a majority stake in Equiphunt, a Hyderabad-based construction equipment rental service for $10 million in May.
In February, Mumbai-based
Infra.Market raised $100 million in a new funding round led by New York-based investment firm Tiger Global at a valuation of $1 billion. Its other investors include Accel, Nexus Venture Partners, Evolvence India Fund and Sistema Asia Fund.
This is the second major exit made by True North in 2021.
Last month, True North had sold its controlling stake in Atria Convergence Technologies to Swiss PE fund Partners Group at an Enterprise Value of nearly Rs 9,000 crore.
For all the latest Technology News Click Here
