Headquartered in Singapore, Ascent is a fast-growing full-suite global fund administrator, having clients across 18 geographies, serving 260 global alternative asset managers managing 576 funds, across all asset classes, with US$ 24 billion in assets under administration. The Company is backed by a strong pedigree of a founding team and senior management with multiple decades of industry experience, deep operational expertise, and a proven track record of continuous client acquisition. The acquisition shall expedite KFintech’s entry into the fast-growing and large market of the global fund administration industry, having a more than US$12 billion annual revenue pool. Ascent will help KFintech to gain immediate and scaled access to the global fund administration market with requisite licenses/permits to render services across multiple international jurisdictions, a diversified portfolio of clients, sticky and recurring revenue, and an experienced team possessing strong domain expertise. Ascent’s client acquisition and service capability, backed by KFintech’s technology finesse and operational efficiency, will enhance the duo’s ability to partner with funds throughout a fund lifecycle and to become a single point provider of global fund services.

Sreekanth Nadella, Managing Director and Chief Executive Officer of KFintech, said, “We are thrilled to announce the acquisition of Ascent Fund Services. Ascent’s global footprint, deep domain expertise, client-centric approach, and ambitious team share our passion and vision for diversified and sustainable growth and innovation. The partnership will be a force multiplier of KFintech’s vision to become the first global fund administrator from India across all asset classes and all business processes. The partnership aims to deliver innovative and tech-driven solutions for global asset managers with multi-asset, multi-currency, and multi-geography fund administration capabilities. KFintech’s experience of investing in strategic and synergistic assets bodes well to integrate with Ascent and create long-term value for all our stakeholders.”

Kaushal Mandalia, Co-Founder and Group Executive Chairman, Ascent, said, “This acquisition marks a pivotal milestone for our group, strengthening our foundation for long-term success. I am confident that it will empower us to deliver even greater value to our clients, employees, and stakeholders. With this transformation, we are not just expanding, we are redefining fund administration. By building a business that is resilient, technology-driven, and customer-centric, we are positioning ourselves as market leaders. Together, we will unlock new opportunities, enhance our capabilities, and set new industry benchmarks. This is more than growth – it’s a bold step towards shaping the future of fund administration.”

Jaideep Mukhariya, Co-Founder and Group CEO, Ascent, added, “This acquisition marks an exciting new chapter for our group, which represents a strategic and transformative step in strengthening our position in the industry. By combining our expertise and resources, we are positioned to better serve our clients, explore new markets, and stay ahead of the curve in an ever-evolving industry landscape. We are confident that this acquisition will enable us to offer enhanced solutions and services to our clients, while continuing to lead the industry in quality and innovation.”

Samuel Chen, Co-Founder and Group COO, Ascent, added, “This acquisition marks a transformative step that will propel our group into a new era of growth, innovation, and customer success. We are incredibly excited about the opportunities ahead and are confident that this acquisition will unlock new possibilities and drive long-term success for our group. Together, we now have an even greater ability to drive innovation, enhance operational efficiencies, invest in cutting-edge technologies, and expand our service offerings.”

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Under the APA, Tillomed will acquire Manx’s product portfolio inclusive of relevant Dossiers, Marketing Authorisations, Intellectual Property (collectively Intellectual Properties), and the relevant stocks for around £ 19.7 mn (including £ 4.7mn for inventory) of which £ 6.2 mn will be upfront and rest as milestone payments over the next 18 months. The deal marks a strategic milestone for Tillomed and will strengthen the company’s product offerings, expand its market reach, and enhance its ability to meet the evolving needs of patients.

Commenting on the development, Ajit Srimal, CEO of Tillomed said, “Through the acquisition of Manx’s established and high-quality products portfolio, we reinforce our commitment to delivering accessible healthcare solutions. The acquired assets will help diversify our portfolio and strengthen our market presence.”

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INDIA: BSE & NSE listed Quality Power Electrical Equipments Limited (QPEEL) (BSE: 544367; NSE: QPOWER) is pleased to announce the successful majority acquisition of Mehru Electrical and Mechanical Engineers Pvt Ltd (MEMEPL), a leading manufacturer of high-voltage instrument transformers for utilities, industries and power transmission networks. This acquisition represents a strategic milestone, aligning with Quality Power’s long-term vision to expand its technological capabilities, USP, manufacturing scale, and global market reach.

Quality Power is a leading manufacturer of high-voltage electrical equipment and solutions, providing Reactors, Transformers, Line traps, FACTS, and Power Quality solutions. With multiple manufacturing facilities in India and Turkey, the Company has installations in over 100 plus countries for equipment upto 765kV systems. Quality Power was listed on the Bombay Stock Exchange and National Stock Exchange on 24^th February 2025.

Mehru Electrical and Mechanical Engineers, established in 1995 and headquartered in Bhiwadi, Rajasthan, has a rich legacy in precision-engineered instrument transformers. The company specializes in manufacturing Current Transformers (CTs), Potential Transformers (PTs), Inductive Voltage Transformers (IVTs), and Capacitor Voltage Transformers (CVTs), offering both oil-filled and dry-type instrument transformers for transmission grids up to 500 kV and beyond. Mehru operates an advanced manufacturing facility Bhiwadi (Near Delhi) in the NCR region, with well-established R&D capabilities and eight National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited test laboratories, ensuring the highest quality testing standards and performance validation. Situated on a 5-acre land parcel, the facility provides scope for future expansion.

The company’s strong focus on R&D and innovation has positioned it as a preferred supplier of high-voltage electrical equipment to power utility, industrial, and infrastructure sectors across India and international markets.

Quality Power has acquired 51% of the share capital of Mehru for a total cash consideration of Rs. 120 crore, through a Share Purchase Agreement. Trilegal advised Quality Power on the transaction documentation and legal due diligence.

Commenting on the Acquisition of Mehru, Bharanidharan Pandyan, Joint Managing and Whole-time director, of Quality Power, said: “We are pleased to announce the majority acquisition of Mehru Electrical & Mechanical Engineers, a company with an outstanding legacy in high-voltage instrument transformers. This was one of the main objectives of the recently concluded IPO and I am pleased to share that we have honoured our commitment with lightning speed. From a product portfolio standpoint, this strategic move reinforces Quality Power’s commitment to cutting-edge technology, precision engineering, and market leadership in high-voltage equipment.

Mehru’s expertise in oil-filled and dry-type instrument transformers up to 500kV aligns perfectly with our vision of delivering world-class power equipment solutions. With the growing global demand for grid stability, FACTS, and renewable integration, this acquisition positions us strongly in a multi-billion-dollar market energy products market where the barriers to entry are high due to stringent technical requirements and regulatory compliance.

What makes this acquisition even more compelling is Mehru’s highly skilled workforce, whose deep domain knowledge and engineering excellence have earned customer trust over decades. By integrating Mehru’s technology with our advanced manufacturing and global supply chain, we are creating a powerhouse of innovation, reliability, and customer-centric solutions.

With this synergy, Quality Power is now better equipped than ever to serve utilities, industries, and infrastructure projects worldwide with superior, high-precision electrical equipment.”

Mehru Transaction Strategic Rationale

1. Enhanced Product Development: Accelerates innovation through advanced R&D capabilities, driving the development of next-generation high-voltage equipment, including smart monitoring and digital integration solutions
2. Expanded Product Offerings: Strengthens Quality Power’s portfolio by integrating Mehru’s expertise in instrument transformers with its existing range of shunt reactors, power transformers, line traps, and FACTS (Flexible AC Transmission Systems) solutions, enabling comprehensive high-voltage equipment offerings
3. Turnkey Solutions for Metering and Protection Applications: Expands capabilities to provide fully integrated solutions for power grids, renewables, and industrial applications.
4. Skilled Workforce: Gains access to Mehru’s team of over 100 engineers, reinforcing a total skilled workforce of more than 500 personnel to drive technology advancements and large-scale project execution
5. Geographic Expansion: Extends market reach through Mehru’s established customer base in Southeast Asia and Africa, further enhancing global presence
6. Capacity for Large-Scale Projects: Strengthens manufacturing capabilities, optimizing production capacity and operational resilience to efficiently execute large-scale projects in power transmission and distribution

Synergies Driving Growth and Innovation

1. Complementary Product Offerings: Mehru’s precision-engineered instrument transformers enhance Quality Power’s power quality and transmission solutions, creating a fully integrated grid equipment portfolio
2. Advanced R&D & Engineering: Mehru’s state-of-the-art testing facilities, robust R&D capabilities, and skilled engineering team strengthen Quality Power’s innovation-driven approach, particularly in high voltage products business
3. Large-Scale Manufacturing: The integration of Mehru’s expansive production facilities expands Quality Power’s manufacturing footprint, supporting both domestic and international demand
4. Market Expansion: Mehru’s strong relationships with Power Grid Corporation of India (PGCIL), state utilities, EPC contractors, and global customers open new avenues for growth for complimentary Quality Power products
5. Supply Chain & Cost Optimization: The combination of Mehru’s manufacturing expertise with Quality Power’s vertically integrated supply chain enhances cost efficiencies, project execution, and product reliability

Quality Power is committed to developing next-generation instrument transformers with enhanced accuracy, smart monitoring capabilities, and digital integration for modern grid applications. The combined R&D teams will explore cutting-edge solutions, including sensor-based transformers, AI-driven predictive maintenance, and hybrid insulation technologies, aligning with global trends in smart grids and grid automation

Quality Power Acquisition Track Record

Quality Power has a long-standing of successful strategic acquisitions:

• 2025: Mehru Electrical and Mechanical Engineers Pvt. Ltd. (51% stake): reinforced expertise in high-voltage instrument transformers, strengthening leadership in power grid solutions (High Voltage)
• 2022: Toshiba Transmission & Distribution Systems (India) Private Limited (Select Manufacturing Asset & Test Equipments): acquired key machinery to enhance high-voltage product manufacturing (High Voltage).
• 2022: Electrical Power Equipment Company (EPEC, Bengaluru): expanded offerings in medium-voltage instrument transformers (Medium Voltage).
• 2022: Nebeskie Labs Private Limited (15.45% stake) enhanced real-time monitoring and analytics capabilities (Low Voltage).
• 2019: S&S Transformers and Accessories Private Limited strengthened medium-voltage transformer production (Medium Voltage).
• 2011: Endoks Enerji Anonim Şirketi (Turkey): strengthened expertise in digital energy solutions (Low Voltage).

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MUMBAI: Sudarshan Chemical Industries Limited (“SCIL” or “Company”) today announced that through its wholly owned subsidiary Sudarshan Europe B.V., it has completed its previously announced acquisition of Germany-based Heubach Group (“Heubach”) in a combination of an asset and share deal.

This strategic acquisition creates a global pigment leader, bringing together SCIL’s operations and expertise with Heubach’s technological capabilities. It will enhance SCIL’s product portfolio, giving it access to a diversified asset footprint across 19 international sites. The combined company will have a broad pigment portfolio of high-quality products and a strong presence in major markets including Europe and the Americas. With that, the new Sudarshan is ideally positioned to deliver high-quality solutions that fit its global customers’ needs. Mr. Rajesh Rathi will lead the combined company as Managing Director and Chief Executive Officer alongside a high-performing leadership team with techno-managerial competencies.

Heubach has a 200-year-old history and became the second-largest pigment player in the world after its integration with Clariant in 2022. It had over a billion euros in revenue in FY21 and FY22, with a global footprint, especially in Europe, the Americas, and the APAC region. Heubach faced financial challenges over the past two years due to rising costs, inventory issues, and high interest rates. SCIL’s acquisition of Heubach will address these challenges with a clear turnaround plan.

Commenting on the closure of the acquisition, Rathi said, “Today marks an exciting new chapter as we unite with Heubach to become an inspirational leader in the colorants industry. The combined company builds on the rich legacies of both Sudarshan and Heubach. Our goal is now to create the world’s most valuable pigment company with great financial strength and profitability. Together, we will drive continuous innovation and deliver breakthrough solutions that benefit each of our stakeholders.”

SCIL is proud to have completed the transaction on schedule. The integration team has worked diligently to ensure a smooth transition and has already developed a detailed execution plan across all functions. The immediate priority will be to operate as ONE— unlocking efficiencies, driving synergies, and fully integrating legacy Clariant, Heubach, and Sudarshan into a unified, stronger organization with shared values.

Germany remains a strategic location for SCIL and by establishing its second global headquarters in the Frankfurt area, the company underscores the region’s role as a key pillar of its operations and future growth.

The new SCIL stands for boldness, passion, and ambition with strong customer centricity and solution orientation. The integration will foster a culture of agility and entrepreneurship, allowing the company to move quickly and effectively. It will implement best practices and create simplicity in structures, systems, and processes. SCIL will also focus on financial stability, prudent cash management, and investing for the long term.

Noerr and Crawford Bayley acted as legal counsel to Sudarshan.

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Vishal Sharma, Executive Director, and Chief Executive Officer, of Godrej Industries (Chemicals), said,” In line with our strategy, the acquisition of this unit in the Food Ester and Emulsifier Business will help us to grow our specialty chemicals business. This acquisition is aligned with our commitment towards sustainable growth and innovation.”

Located in Goa, Savannah Surfactants Limited has a manufacturing capacity of 5,200 MTPA of finished products.

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This strategic acquisition will create a global pigment company, combining SCIL’s operations and expertise with Heubach’s technological capabilities.

Post-acquisition, the combined company will have a broad pigment portfolio of high-quality products and a strong presence in major markets including Europe and the Americas. It will enhance SCIL’s product portfolio, giving it access to customers and a diversified asset footprint across 19 sites globally. The combined company will be led by Mr. Rajesh Rathi and a high-performing management team with quality execution skills and technical competency.

The Heubach Group has a 200-year history and became the second-largest pigment player in the world after its integration with Clariant in 2022. Heubach had over a billion euros in revenue in FY21 and FY22, with a global footprint, especially in Europe, the Americas, and the APAC region. The Group faced financial challenges over the past two years due to rising costs, inventory issues, and high interest rates. SCIL’s acquisition of Heubach will address these challenges with a clear turnaround plan.

Commenting on the transaction, Rajesh Rathi, Managing Director of SCIL said “We are delighted with this transaction that brings together two businesses that will cater to major global markets. We will carefully integrate these two companies to create a truly global pigment company, with Frankfurt remaining a strategically important location. SCIL is known for its agility and efficiency, and we will embed this culture throughout the combined company to make it one of the most customer-centric and profitable pigment companies.”

Bram D’hondt from Heubach said “By joining hands with SCIL, we aim to reclaim our 200+ years of legacy of serving customers with high-quality products. Together, we will shape the future of the pigments industry by building on the ethos of customer centricity and product excellence. Our combined capabilities will enable us to serve our customers better. We look forward to working with SCIL as we enter this next chapter.”

Crawford Bayley and Noerr are acting as legal counsel to Sudarshan and DC Advisory is acting as financial advisor.

A culture of agility and customer focus will be at the center of this integration. The strategic and financial benefits of the combination are as follows:

• A company with customer centricity (Sevā) at its heart: Post-acquisition SCIL envisages becoming the supplier of choice for all customers. The company will have a wide product portfolio across segments and applications and it will be able to offer the best-in-class product portfolio to customers. SCIL’s R&D and innovation capabilities combined with the global supply chain network, will be an enabler for the company to serve customers efficiently.
• Most valuable global pigment player: The combined entity aims to become the most valuable pigment company in the world with great financial strength and profitability. The acquisition enhances SCIL’s breadth of product portfolio in global markets, gives it an opportunity to serve global customers, especially in Europe and the Americas, and a diversified asset footprint across 19 global sites.
• An agile organization: The integration will create a culture of agility and efficiency, with significant synergies expected across functions. The combined company will implement best practices to maximize value for stakeholders.
• Led by world-class managers and pigment experts: SCIL creates a high-performing management team with quality execution skills and technical competency. The combined company will be led by Mr. Rajesh Rathi, SCIL’s Managing Director, after the close of the transaction. 

Heubach has a broad and high-quality product portfolio with a large percentage of specialties including customized products. It serves a strong customer base of global blue-chip customers with applications in coating, plastic, inks, automotive, electrical, and electronics. Heubach has 17 manufacturing sites globally providing stability during any geopolitical and supply chain challenges, ensuring long-term relationships with suppliers and customers.

The acquisition is expected to close in 3-4 months, subject to the satisfaction of customary closing conditions, including approvals from regulators and SCIL shareholders.

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MUMBAI: EaseMyTrip.com, one of India’s largest online travel tech platforms, has announced the acquisition of a 49% equity stake in Pflege Home Healthcare and 30% in Rollins International, marking its strategic expansion into the rapidly growing medical tourism sector. These acquisitions align with EaseMyTrip’s mission to offer holistic travel solutions by integrating wellness and healthcare services into its service portfolio as medical tourism.

EaseMyTrip has acquired Pflege Home Healthcare, a renowned home healthcare provider headquartered in Dubai. Pflege offers comprehensive care services across a wide range of segments, from doctor visits, Registered Nursing care at Home and physiotherapy to home-based medical equipment like ventilators and oxygen. Their patient-centric approach ensures high-quality, compassionate care in the comfort of their clients’ homes. The acquisition of Pflege empowers EaseMyTrip to offer reliable healthcare services, expanding its offerings in the medical tourism domain to cater to travelers seeking medical treatments or wellness solutions abroad.

Alongside Pflege Home Healthcare, Rollins International has a strong presence in India with its focus on gluten-free, lactose-free, and allergen-free food products, highly effective health supplements, and cutting-edge wellness therapies. Rollins also operates a range of brands offering state-of-the-art wellness devices, nutritional guidance, and recreational spaces. Rollins’s flagship wellness centers are now present in New Delhi, Gurugram, Mumbai, Hyderabad, and Bengaluru and coming soon to even more localities, cities, and countries. This acquisition allows EaseMyTrip to enter the healthcare market with a robust portfolio designed to meet the unique needs of customers dealing with food allergies, distinct wellness requirements, and lifestyle challenges.

Nishant Pitti, CEO & Co-founder of EaseMyTrip, stated, “EaseMyTrip’s portfolio has grown manifold with the inclusion of Rollins International and Pflege Home Healthcare. It is a pivotal progression for us toward revolutionizing medical tourism. With the growing demand for accessible, quality healthcare services, this acquisition was necessary to meet the evolving needs of travelers seeking wellness and medical solutions. As India’s trusted travel ally, EaseMyTrip is ready to step up and deliver seamless healthcare journeys. Our commitment is to ensure that both our domestic and international customers receive the highest standards of care, with convenience at every step.“

Commenting on the acquisition, Parveen Jakhar, Co-Founder, of Pflege Home Healthcare, said, “Our collaboration with EaseMyTrip is a significant step towards extending the accessibility of premium healthcare services. By integrating our Medical Tourism and home healthcare expertise with their global travel platform, we aim to provide a seamless experience for individuals seeking medical treatment or wellness services abroad. This partnership will enable us to deliver compassionate care to a wider audience, ensuring that medical travelers receive the support they need in a convenient, comfortable environment.”

Rohan Jain, Co-Founder, of Rollins International, said, “We are excited to join forces with EaseMyTrip, integrating our expertise in allergen-free products and wellness solutions with their vast travel network. This partnership enables us to create unique, health-focused travel experiences tailored to customers’ evolving lifestyle needs. Together, we will offer unparalleled access to wellness services, ensuring that health-conscious travelers feel supported every step of the way.”

These acquisitions come at a time when medical tourism is witnessing unprecedented growth in India and globally. The medical tourism industry is currently valued at USD 7.69 billion and is expected to reach USD 14.31 billion by 2029. By offering a combination of travel and healthcare services, EaseMyTrip is set to create a unique value proposition for both domestic and international clients. The move is expected to bolster EaseMyTrip’s overall business strategy, further solidifying its reputation as a key player in the travel and tourism industry.

Earlier last year, EaseMyTrip expanded its portfolio through the acquisition of several companies in the travel and hospitality sectors, including Guideline Travels Holidays, TripShope Travel Technologies, and Dook Travels, further reinforcing its commitment to growth and diversification.

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