Ahmedabad, India – Ice Make Refrigeration Limited, one of India’s leading refrigeration equipment manufacturers, today announced a strategic Joint Venture with Galilei Holdings Co. Ltd., Japan, marking a significant milestone in the Company’s growth journey and reinforcing its commitment to India’s rapidly expanding commercial refrigeration market.
The partnership combines Ice Make Refrigeration’s strong manufacturing capabilities, extensive distribution network, and deep understanding of the Indian market with Galilei Holdings’ global technological expertise, innovation, and leadership in refrigeration solutions.
India’s growing economy, rising disposable incomes, changing food consumption patterns, rapid urbanisation, and increasing demand for organized food service infrastructure are creating substantial opportunities in the refrigeration sector. Despite being one of the world’s fastest-growing economies, refrigeration penetration in India remains significantly lower than that of many developed economies, offering considerable long-term growth potential.
Founded in 1993, Ice Make Refrigeration has developed into a trusted refrigeration solutions provider serving diverse industries across the country. Since its successful public listing on the National Stock Exchange in 2017 and subsequent migration to the Main Board, the Company has continued to expand its manufacturing footprint, strengthen its product portfolio, and invest in innovation under the Make in India initiative.
The Company has established a comprehensive range of refrigeration products and solutions and has earned the trust of thousands of customers across multiple industry segments.
The Joint Venture is strategically focused on addressing the growing demand from India’s Hospitality, Restaurant, and Café (HORECA) sector. The HORECA industry is witnessing significant transformation, driven by increasing out-of-home consumption, expansion of organized food service chains, growth in cloud kitchens, digital food delivery platforms, and rising demand from Tier-2 and Tier-3 cities.
As the market evolves towards greater energy efficiency, sustainability, regulatory compliance, and technological advancement, Ice Make identified the need for a strong global partner to enhance its offerings in commercial kitchen refrigeration.
This strategic collaboration has resulted in two key outcomes:
- Galilei Holdings Co. Ltd. has acquired an equity stake in Ice Make Refrigeration Limited.
- The two companies have formed a Joint Venture to address the growing commercial kitchen refrigeration opportunity in India.
The Joint Venture aims to introduce advanced refrigeration technologies and best-in-class products tailored to the specific requirements of the Indian market while supporting the Government’s Make in India vision and evolving quality standards.
Speaking on the occasion, the management of Ice Make Refrigeration Limited said:
“We are delighted to welcome Galilei Holdings as our strategic partner. This partnership brings together Galilei’s global technology leadership and industry expertise with Ice Make’s strong market presence and manufacturing strengths. We believe this collaboration will create a compelling value proposition for customers, accelerate innovation, and unlock significant opportunities in India’s rapidly growing commercial refrigeration segment.”
The Company believes that the combination of Galilei’s global experience and Ice Make’s local execution capabilities will position the Joint Venture as a significant player in India’s commercial kitchen refrigeration market while creating long-term value for customers, shareholders, employees, and other stakeholders.
