ITE increases ABEC stake to 60%
Today, we have announced the acquisition of a further 31.7% of shares in the Mumbai-based organiser, ABEC. This is in addition to the minority stake of 28.3% that was acquired in 2012 and takes the total holding to 60%.
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ABEC is one of India’s leading exhibition businesses, running over 20 events across different industry sectors including building & interiors, fashion, and oil & gas.
ABEC’s current management team including Chairman, Sumit Gandhi and COO, Manish Gandhi, who own the remaining 40% of the shares, will remain working for the business.
Commenting on the acquisition, our Chief Executive Officer, Russell Taylor, said. “We are continuing to build businesses in strategically important industry sectors and the increase in our holding of ABEC enhances our presence in the Indian exhibition market which offers significant potential. ABEC continues to perform well and this move represents further progress in achieving the Group’s ambitions to expand its operations in markets and geographies with further potential for growth as well as continuing to diversify the geo-political risk in our portfolio.”