Space World Group, a pioneering conglomerate with a focus on innovative and technology-driven ventures, announces the successful completion of a signi?cant equity divestment transaction initiated in mid-2021. The divestment involved the sale of equity holdings in one of the group's companies and was contingent on milestone-based considerations.
The shareholders of Space World Group had announced a Transaction in the mid of Year 2021, wherein, they divested their equity holding of one of their group’s companies. The Transaction was subject to an additional milestone-based consideration. In completion of this transaction, the Space World Group has received approx. INR 240 Crores in January 2024. This transaction represents signi?cant achievement of business milestones by the Company.
Ankit Goel and Radhey R Sharma are ?rst generation entrepreneurs and the founder of Space World Group. Space World Group is a conglomerate, having innovative and technology driven companies focused on customer experience. The group started from a manufacturing unit to an integrated player in Optical Fibre, FTTx, Chemical Manufacturing, RF Components Manufacturing and Metal Fabrication Businesses. The Group has also recently launched India’s unique optical ?ber-based infrastructure venture. Space Telelink Ltd, Horizon Performance Polyurethane Pvt Ltd, Ranext Technologies Pvt Ltd, Space World Digital Solutions Pvt Ltd (Constl), Space World Data Centres Pvt Ltd are the Group’s companies.
To the Transaction, Ankit Goel, the Managing Director and Chairman of the Space World Group, told “We have built this business from the ground and have been successful in setting the right fundamentals and direction. Basis the dedication of the team and strong business dynamics we were con?dent of achieving this additional milestone”.
This transaction reinforces Space World Group's commitment to navigating strategic opportunities and creating value for its stakeholders. The proceeds from the divestment will further contribute to the group's growth initiatives and ongoing pursuit of excellence in the dynamic business landscape.