T.I.S Services Acquisition by Electrosteel Castings Being Pursued by Khaitan, CMS Adonnino
Electrosteel Castings Ltd Acquires Italian Valve Manufacturer T.I.S. Service S.p.A
Electrosteel Castings Ltd, an Indian listed company, has completed the cross-border acquisition of T.I.S. Service S.p.A, an Italian valve manufacturing company, on July 30, 2025, for approximately €15 million (about Rs150 crore). This acquisition makes T.I.S. a wholly-owned subsidiary of Electrosteel.
The deal, preceded by a share purchase agreement signed on May 28, 2025, involved a partial initial payment of €11.50 million for 3 million equity shares. The acquisition was advised legally by Khaitan & Co.
T.I.S. Service specializes in valves for water networks and hydro-electric power plants, adding a strong valve portfolio to Electrosteel’s existing pipeline systems. Electrosteel plans to begin local manufacturing of TIS valves in India and expects to expand its global footprint in Europe, Southeast Asia, West Asia, and Latin America while opening new business areas like irrigation, desalination, and renewable energy.
This acquisition aligns with Electrosteel’s strategic aim to expand from pipe and fitting manufacturing to integrated water infrastructure solutions. The deal strengthens Electrosteel’s capability to deliver end-to-end water and wastewater flow-control solutions, supporting its vision of comprehensive water infrastructure solutions with both global reach and local relevance.
Key Points Summary:
- Acquirer: Electrosteel Castings Ltd
- Target: T.I.S. Service S.p.A (Italy)
- Deal value: Approximately €15 million (Rs150 crore)
- Completion date: July 30, 2025
- Payment made (initial): €11.50 million for 3 million shares
- Legal adviser: Khaitan & Co
- Strategic rationale: Expand into valves, integrated water infrastructure
- Plans post-acquisition: Local valve manufacturing in India, global expansion
- Expected revenue impact: Increase of €40 million yearly (anticipated)
This acquisition showcases Electrosteel’s commitment to becoming a global, end-to-end water infrastructure provider by complementing its pipeline expertise with valve technology and expanding its geographical and product reach.
Additional Information:
- T.I.S. Services S.p.A has four subsidiaries spread across Europe, including Italy, Poland, Turkey, and Croatia.
- The transaction includes the lease and subsequent acquisition by T.I.S. Services of a real estate facility located in Bolgare, Italy.
- The acquisition aims to bring increased strategic and operational efficiency to Electrosteel's DI pipes and fittings business in both domestic and export markets.
- CMS attorneys from Italy, Poland, Turkey, and Croatia were involved in the guidance.
- CMS Adonnino Ascoli & Cavasola Scamoni, an Italian law firm led by Matteo Ciminelli, provided legal guidance on Italian law aspects and local European regulations for the acquisition.
- Riya Dutta, a Principal Associate in the transaction team from Khaitan & Co, was also involved in the guidance. However, Prithwijit Gangopadhyay, Supallab Chakraborty, and Karishma Sethia were not listed as involved in this specific transaction.
- The acquisition of T.I.S. Service S.p.A by Electrosteel Castings Ltd signifies a significant expansion in the finance and business sector for Electrosteel, as the deal aims to bring increased strategic and operational efficiency to the company's pipe and fitting manufacturing business.
- Following the acquisition, ElectrosteelCastings Ltd, with its focus on the manufacturing industry, plans to expand its reach by localizing the manufacturing of TIS valves in India and expanding its global footprint across various markets, including Europe, Southeast Asia, West Asia, Latin America, and potentially new business areas like irrigation, desalination, and renewable energy.
