Applied Research International Private Limited (ARILPL) and ARI Labs Private Limited have sold 100% of their shareholding in the companies to Zen Technologies Limited for ₹130 crore.

TT&A advised Applied Research International and ARI Labs, along with their promoter, Mr. Shravan Rewari) and other sellers.

The transaction team consisted of Sachin Mehta (Partner), Punita Gupta (Partner), Ambika Sahai (Managing Associate), Utsav Agarwal (Managing Associate), Tanya Maithani (Senior Associate) and Radhika Sarda (Associate).

Shardul Amarchand Mangaldas & Co acted as legal counsels for Zen Technologies.

ARIPL was acqired for ₹127.50 crore and ARI Labs was acquired for ₹2.50 crore.

The acquisition aims to enhance Zen’s defence simulation expertise, expand beyond land-based training, and strengthen its naval and maritime simulation capabilities to improve combat preparedness.

ARIPL specializes in simulation and assessment tools for the marine, offshore, naval, and port industries, along with fleet monitoring and e-governance solutions for DG Shipping of India. It reported an operational revenue of ₹92.18 crore in 2023-24. ALPL, focused on marine and naval simulations, recorded a ₹94 lakh revenue last fiscal year.

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