Delek Group's financial arm Delek Capital Ltd. has signed an memorandum of understanding (MOU) to acquire 20% of a publicly traded Indian financial services company for $25 million. Delek did not disclose the name of the company. Delek Capital has a 30-day exclusivity period and is already conducting due diligence on the company.
Delek Capital added that it may be required to make an additional investment in the target company as part of an offer to buy as mandated by Indian law.
The Delek Group is one of the most prominent and dynamic conglomerates in Israel and abroad. In addition to their core business of fuel supply, the Delek Group is diversified into the areas of energy exploration and delivery, biochemicals, media, real estate, motor vehicles and automotive imports and financial services.
The Delek Group is the majority shareholder of Delek Capital.
Source: Globes