aadhav group , a European-based conglomerate with operations in various industries, has announced the acquisition of a leading electronic motherboard manufacturing company in Thailand for a total of $736 million. The name of the manufacturing company will remain confidential until June 2023, at which point it will be revealed to the public. This acquisition marks the biggest company taken over by Aadhav Group in the last 5 years, following the acquisition of DoPact LLC in the US for $361 million in 2020.
The acquisition will bring Aadhav Group's advanced technology and expertise in the field of electronic manufacturing to the newly acquired company, allowing for increased efficiency and production capabilities. Additionally, the acquisition will provide the manufacturing company with access to Aadhav Group's extensive global network, further expanding its reach and impact.
During a recent TV interview in Thailand, Aadhav Group's CEO, Mr. Sritharan Katthekasu, was asked about the reason for opening a new branch in Asia and if there were any plans to relocate any of the existing branches from Europe. Mr. Sritharan Katthekasu answered,“For now, our focus is on expanding our business and opening new branches.”
Mr. Katthekasu also informed that the acquisition will result in minimal changes for the manufacturing company's employees. 95% of the current workforce of 3653 employees will continue to work with the company, and only 5% of positions will be replaced with freshers.
“We are thrilled to announce this acquisition and are confident that it will bring great benefits to both Aadhav Group and the manufacturing company,” said Mr. Katthekasu.“Our goal is to work together to create a stronger, more efficient and more competitive organization that will drive growth and success for all stakeholders.”
The acquisition is a strategic move for Aadhav Group, as it expands its presence in the electronic motherboard manufacturing market and solidifies its position as a leading player in the industry in Asia. The manufacturing company, meanwhile, will benefit from Aadhav Group's resources and expertise, positioning it for continued growth and success in the future.
This acquisition is expected to close in the coming weeks, subject to regulatory approvals. Aadhav Group and the manufacturing company will continue to operate independently until the acquisition is completed.
About Aadhav Group
Aadhav Group is a European-based conglomerate that operates 8 different companies in various industries including Software, Consumer Finance, Network, Transporting, Shipping, Taxi, Textiles and Car Leasing. The company is known for its business-to-business operations and has a strong reputation for innovation and excellence in the industry.