Aica Kogyo to acquire majority stake in India’s Stylam Industries

Aica Kogyo, aiming for JPY 300 billion in consolidated net sales by March 2027, announced its acquisition of a controlling stake in Stylam Industries Limited, an Indian HPL manufacturer. This strategic investment will make Stylam Industries a consolidated subsidiary, with Aica Kogyo's ownership ranging from 40.00% to 53.12%. This aligns with Aica Kogyo's vision to strengthen its global presence, particularly in Asia, by enhancing production and sales networks in the rapidly growing Indian market.

The acquisition will involve share transfers from promoter shareholders and a public open offer. The total purchase price for the acquisition is estimated between INR 15,300 million and INR 20,300 million. The share transfers are scheduled to conclude in late February to early March 2026, with the public open offer to be conducted during the same period.

Post-acquisition, Stylam's governance will reflect Aica Kogyo's majority voting rights on the board, though current management, including managing director Jagdish Rai Gupta and executive director Manit Gupta, will remain central to operations. Aica Kogyo's consolidated earnings forecasts for March 2026 do not yet include the impact of this acquisition, with updates to follow once the completion date is confirmed.