According to an exchange filing, the board of directors, in its meeting held on 16 April 2025, approved the investment, which will be made over a period of three financial years, including the current one. The investment will be carried out through the subscription of equity shares, representing 70.70% of MMSPL's paid-up share capital on a fully diluted basis, subject to the fulfillment of specified conditions precedent and the execution of definitive transaction documents (Proposed Transaction).

MMSPL is engaged in the manufacturing, distribution, and servicing of air monitoring systems and air purifiers. The primary objective of the agreement is financial investment, with Indo National planning to invest Rs 17 crore via a mix of primary and secondary investment routes over the three-year period.

In the first year, Indo National has agreed to subscribe to 70.70% of MMSPL's paid-up capital at a price of Rs 9,187 per share, in line with the terms set out in the Share Subscription Agreement.

Upon completion of the transaction, INL will acquire the right to nominate three directors to the board of MMSPL and will gain additional governance and management rights as detailed in the transaction documents.

The company clarified that the transaction does not qualify as a related party transaction, and neither the promoters, promoter group, nor any group companies of Indo National have any interest in MMSPL.

Pavan Kumar BVS, CEO, Indo National, said, 'This acquisition reaffirms our commitment to strategic expansion beyond our traditional portfolio. With Airvue, we aim to be at the forefront of India's health-focused technology wave. The synergy between Nippo's reach and Medcuore's innovation will set a new benchmark in the air care category.

We are excited to join hands with Nippo. Their operational strength and market trust will give wings to our innovation, allowing Airvue to reach new households, workplaces, and institutions faster than ever before. stated by Paul J. Pradeep, founder of Medcuore Technologies.

Indo National is in the business of manufacturing and marketing batteries, torches, LED products, mosquito bats, electrical accessories, and razors & blades.

The company reported a consolidated net loss of Rs 12.07 crore in Q3 FY25 as against a net profit of Rs 3.44 crore posted in Q3 FY25. Revenue from operations fell 27.7% YoY to Rs 121.63 crore in the quarter ended 31 December 2024.

The counter shed 0.52% to Rs 440.10 on the BSE. As of 16 April 2025, the company's market capitalization stood at Rs 331.50 crore on the BSE.

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