Ice Make Refrigeration said it will evaluate select inorganic growth opportunities in the refrigeration, cold chain and allied sectors to strengthen its market presence and enhance its technological capabilities.
Ice Make Refrigeration, the commercial and industrial cooling equipment manufacturer, has entered into a definitive agreement with Tokyo Stock Exchange-listed Galilei Holdings Co for a strategic investment and joint venture.Galilei will invest ₹180 crore through a preferential issue of equity shares, while Ice Make will also raise ₹10 crore from other investors through a preferential issue. The transaction is subject to shareholders’ and other regulatory approvals.The company also announced the formation of a joint venture with Galilei owning a 60 per cent stake and Ice Make holding the remaining 40 per cent. The joint venture will focus on manufacturing, marketing and distributing commercial upright refrigerators, commercial table refrigerators and related refrigeration products, combining Galilei’s global technology and product expertise with Ice Make’s strong market presence in India.The proposed fund raise will support capacity expansion, modernisation of existing operations, and the scaling of integrated refrigeration and cold room solutions to cater to growing demand across multiple industry segments.The company said it will also evaluate select inorganic growth opportunities in the refrigeration, cold chain and allied sectors to strengthen its market presence and enhance its technological capabilities.A portion of the funds will be deployed towards investment in a proposed joint venture with Galilei, aimed at accelerating business expansion and unlocking new opportunities. The fund raise will additionally support the completion of the company’s new corporate office, Centre of Excellence, and modern development and testing laboratory, reinforcing its focus on innovation, research and operational excellence.The company will also repay certain borrowings and strengthen balance sheet for future growth initiatives.KPMG acted as the exclusive financial advisor, while Cyril Amarchand Mangaldas was as the legal advisor to Ice Make in the transaction.Published on August 6, 2026
