Dry Cell Manufacturer Plans Rs 17 Crore Investment To Acquire 70.7 per cent Stake In MMSPL, Marking Entry Into Air Purification Sector With 3 Board Seats Secured
Over the past year, the stock has delivered a negative return of -26.58 per cent, while its three-year return stands at 6.99 per cent.
Indo National Limited has announced a strategic move into the air monitoring and purification sector through a significant investment in Medcuore Medical Solutions Private Ltd (MMSPL). The company intends to spend Rs 17 crore over three financial years to acquire 70.70 per cent stake in MMSPL. The investment is made through Share Subscription Agreement and Shareholders' Agreement which gives Indo National Limited the right to appoint three members to MMSPL's board of directors.
MMSPL manufactures and distributes air monitoring systems and air purifiers. The transaction is not considered a related party transaction and the investment is subject to certain conditions precedent. This strategic investment is in line with the growth objectives of Indo National Limited and this will expand its portfolio beyond its traditional battery and electrical products.
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Established in 1972, Indo National Limited is a well-known company in the Indian market and operates under the brand name Nippo. The company is the second largest in the dry cell battery industry in India with an annual production capacity of 78.5 crore batteries and a market share of more than 30 per cent. The company has a wide range of products such as zinc carbon and alkaline batteries, battery operated and rechargeable torches, mosquito swatters, LED lighting products and electrical accessories.
The company also operates a 4.6 megawatt solar power plant in Telangana. The revenue in FY23 was mainly consumer goods which constituted 71 per cent while the composite and aerospace segments made up 29 per cent. Indo National Limited has a strong distribution network with 2,500 exclusive stockists, 26 depots, and 17 lakh retail outlets covering the market.
As of April 16, 2025, Indo National Limited is trading at Rs 440.1, close to its 52-week low of Rs 407.65 and significantly below its 52-week high of Rs 761.85. The company has a market capitalisation of Rs 332 crore. Over the past year, the stock has delivered a negative return of -26.58 per cent, while its three-year return stands at 6.99 per cent. Indo National's price-to-earnings (PE) ratio is 2.51. Among the key public shareholders are Sharad Kanayalal Shah, holding 4.20 per cent, and Varsha Sharad Shah, with a 1.14 per cent stake.
Disclaimer: The article is for informational purposes only and not investment advice.