Indo National Limited has successfully acquired a controlling stake in Medcuore Medical Solutions Private Ltd (MMSPL) through a strategic investment of ₹6.94 crores. The acquisition, completed through equity share subscription, gives Indo National a 54.79% shareholding in MMSPL on a fully diluted basis, effectively making it a subsidiary.

Investment Details

The company disclosed the investment details in its regulatory filing dated January 22, 2026, pursuant to Regulation 30 of SEBI LODR requirements. The acquisition involved purchasing 7,551 equity shares at a price of ₹9,187.00 per share, determined based on a valuation report issued by a registered valuer.

Target Company Profile

Medcuore Medical Solutions Private Ltd, incorporated on June 7, 2020, operates in the manufacturing, distribution, and servicing of air monitoring systems and air purifiers. The company has shown varying revenue performance over the past three years, with operations concentrated in India.

Financial Performance Overview

Strategic Rationale

Indo National stated that the acquisition aims to facilitate business growth, generate revenue, and earn profits through business expansion. The move represents a diversification into the air monitoring and purification sector, which falls outside the company's main line of business. The acquisition is structured as a non-related party transaction, with no promoter or group company interests in the target entity.

Regulatory and Timeline Aspects

The acquisition requires no additional governmental or regulatory approvals beyond standard compliance requirements. Indo National has indicated an indicative completion timeframe extending up to FY 2027-28 for the full acquisition process. The transaction was conducted at arm's length with proper valuation procedures followed as per regulatory guidelines.

This strategic acquisition positions Indo National to expand its business portfolio into the growing air quality monitoring and purification market while maintaining compliance with all applicable securities regulations and disclosure requirements.

Indo National Ltd has announced the appointment of Mr. S R Aravind Kumar as Chief Financial Officer and Key Managerial Personnel, effective January 14, 2026. The decision was made by the Board of Directors during their meeting held on January 14, 2026, based on recommendations from the Nomination and Remuneration Committee and Audit Committee.

Board Meeting and Regulatory Compliance

The board meeting that approved the appointment commenced at 12:30 PM and concluded at 12:50 PM (IST) on January 14, 2026. The appointment was made in compliance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015.

The appointment has been made in accordance with SEBI regulations, specifically Regulation 30 read with Schedule III - Para A (7) of Part A of the SEBI Listing Regulations. The company has also complied with SEBI Master Circular bearing Ref. No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Professional Background and Qualifications

Mr. S R Aravind Kumar brings extensive experience to his new role as CFO. He is a qualified Chartered Accountant with over 20 years of experience in finance and accounts, particularly specializing in financial planning and analysis. His educational credentials include attending workshops on Logistics Management at IIM Calcutta and completing an Executive General Management Programme at IIM Bangalore.

Key Areas of Expertise

Mr. Kumar has demonstrated proficiency in several critical areas including designing and implementation of internal financial systems and process controls, conducting feasibility studies and strategic financial planning, P&L operations and risk mitigation, internal audit, corporate finance, taxation and compliance, financial reporting and accounting standards including IND AS, and comprehensive understanding of corporate laws, commercial laws, and labour legislation.

Career Progression

Mr. Kumar joined Indo National Ltd as Financial Controller in August 2025 before being promoted to CFO. His career began with a specialization in audits before transitioning to industry roles.

The appointment strengthens Indo National Ltd's leadership team with an experienced finance professional who has demonstrated expertise across multiple industries and organizations. Mr. Kumar's comprehensive background in financial management and strategic planning positions him well to contribute to the company's continued growth and financial stewardship.