Galilei Holdings and Ice Make Refrigeration create joint venture in India

At a board meeting on July 24, Galilei Holdings Co. Ltd., a Tokyo‑listed Japanese company, approved the formation of a joint venture with India’s Ice Make Refrigeration Ltd. The new entity, provisionally named Fukushima Galilei Ice Make Private Limited, will be based in Gujarat state.

Galilei will own 60% of the venture and invest roughly 180 crore INR through a preferential share issue, while Ice Make will hold the remaining 40% and raise about 10 crore INR from other investors. The JV will manufacture, market and distribute commercial upright and table refrigerators, combining Galilei’s global technology with Ice Make’s Indian market presence. Funds will be used for capacity expansion, modernising operations, a new corporate office, a Centre of Excellence, a development laboratory and debt repayment. The transaction awaits shareholder and stock‑exchange approvals, with KPMG acting as financial adviser and Cyril Amarchand Mangaldas as legal counsel.