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 in 2005 for $20 million.
RDC Concrete, which manufactures and supplies Ready Mix Concrete (RMC), customers include 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 generate an annual revenue of over 1000 crores in FY22. It posted revenue of Rs 830 crore in FY20. RDC Concrete India was established in 1993 in partnership with RDC Concrete, Singapore.
“RDC has consistently delivered industry leading operational and financial performance through its customer-centric approach. RDC has grown exponentially over the past decade, and we see this growth accelerating with a committed partner like Infra.Markets,” said Ashish Bhargava, Partner, True North.
“Concrete was one of the first product categories where we believed in technology and a superior customer experience would enable us to create a distinct offering in this segment. Today’s Day takeover RDC is an important benchmark for us as we have successfully reached a category defined position in the concrete industry and become a market leader,” said Souvik Sengupta, Founder, Infra.Markets.
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Infra.markets had in May acquired a majority stake in Hyderabad-based construction equipment rental service Equifont for $10 million.
In February, Mumbai
Infra.Markets raises $100 million in fresh funding round Led by a New York-based investment firm Tiger Global At a valuation of $1 billion. Its other investors include Accel, Nexus Venture Partners, Evolvance India Fund and Sistema Asia Fund.
This is the second major exit by True North in 2021.
Last month, TrueNorth sold its controlling stake in Atria Convergence Technologies to Swiss PE fund Partners Group for an enterprise value of around Rs 9,000 crore.