True North announces sale of RDC Concrete to Infra.Market1 min read . Updated: 20 Sep 2021, 05:42 PM IST
- True North held a majority equity stake in the company through its initial investment in 2005
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MUMBAI : Homegrown private equity firm True North on Monday said it has signed a definitive agreement to disinvest its holding from RDC Concrete, the largest non-cement readymix concrete company in India, to technology startup Infra.Market, which became a unicorn earlier this year. True North held a majority equity stake in the company through its initial investment in 2005.
Over the years, RDC Concrete has acquired a significant market share and developed innovative offerings, while driving strong financial and operational performance, said a statement. Today, it serves the construction, infrastructure, real estate, industrial and commercial projects through its 52 production plants across India.
Financial details of the transaction were not disclosed.
Ashish Bhargava, partner, True North, said, “RDC is a great example of True North's ‘Buy and Build’ philosophy. We partnered with a high-quality management team and together built one of the most admired and largest independent RMC (ready mix concrete) companies in India. RDC, through its customer-focused approach, has consistently given industry-leading operational and financial performance. With a deep focus on execution, excellence, and innovation, the company has constantly attempted to achieve global quality standards. We are proud of RDC’s extensive efforts towards digitization and ESG integration and are fully confident of its growth and transformation. RDC has grown exponentially over the last decade, and we see this growth accelerate with a committed partner like Infra.market."
Souvik Sengupta, founder, Infra.market, stated, “When we embarked on a journey to build Infra.Market, the vision was to build category-defining companies. 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. We will continue to grow and build the concrete vertical both within Infra.Market and at RDC. This also further emboldens us to keep building on our vision to build category defining companies across categories."
RDC Concrete (India) Pvt. Ltd was established in 1993 with participation from RDC concrete, Singapore. Its portfolio of customers includes construction companies, real estate developers, contractors, infrastructure companies, road projects, industrial projects, commercial projects and individual owners. It is expected to clock annual revenue of over ₹1,000 crore in FY22.
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