Khaitan & Co advises Belding India on 100% acquisition of Evolve IT Solutions

M&A / JV 23 Jul 2026· ₹10.75 crore · Completed· ✓ Verified

Belding India, a listed technology and engineering company (formerly Synthiko Foils), acquired Pune-based Evolve IT Solutions-one of India's few indigenous OEM manufacturers of X-ray generators, imaging software, baggage scanners, and dental X-ray systems. The acquisition, valued at 0.5x Evolve's FY25 turnover of ₹20.81 crore (vs FY24 ₹14.81 crore), was disclosed under SEBI Regulation 30 within 24 hours of Board approval. Khaitan & Co negotiated and documented the share purchase agreement and deed of assignment to close within strict timelines; the transaction involved no promoter conflicts and required no sector regulator (defence, export, manufacturing) pre-clearance, indicating minimal…

Why it mattersArm's-length subsidiary acquisition by a listed company of a defence-critical technology player structured with no regulatory or governmental pre-approval required, signalling India's willingness to streamline M&A in strategic security sectors where indigenous manufacturing meets ATM/Make-in-India objectives.
CounselKhaitan & Co
SectorIndustrials
Value₹10.75 crore
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