M&A Advisory

The Client

Uravi Defence & Technology Limited (NSE: URAVI, BSE: 543930) is a leading manufacturer of automotive lamps in India, with ambitions to expand internationally and strengthen its position in defence-related markets.

The Challenge

In October 2024, Uravi appointed Interact Finance Partners, led by Santosh, alongside YMS Capital, led by Sandeep, to identify and acquire an established automotive business in the UK.

The strategic objective was to:

• Expand into the UK and European markets
• Strengthen and broaden its defence product portfolio
• Enhance its technology and product capabilities

This required navigating an unfamiliar market and managing a complex cross-border acquisition process.

The Role

Santosh and Sandeep worked as joint advisors, providing end-to-end transaction support.

• Sandeep led the client relationship in India
• Santosh led the UK-based workstreams

Together, they acted as hands-on commercial partners to Uravi’s leadership team throughout the transaction.

What Santosh Kirve Did

Santosh led the UK-side execution of the acquisition, including:

• Target identification and selection
  Conducted a detailed market mapping exercise, identifying suitable UK acquisition targets and shortlisting three potential businesses. He supported the evaluation process, leading to the selection of Spafax as the preferred target.
• Valuation and Heads of Terms
  Developed the transaction framework, undertook the valuation and supported the negotiation and signing of a non-binding Heads of Terms.
• Due diligence and stakeholder coordination
  Coordinated multiple due diligence workstreams (financial, legal, tax, HR and technology), acting as the central point of contact between the client, advisors and the target.
  At a critical stage, when the transaction was at risk of collapsing, Santosh worked closely with the target business to rebuild trust and secure access to key financial data, including working on-site. This played a key role in mitigating the risk and keeping the transaction on track.
• Negotiation and documentation
  Supported the negotiation of the binding offer, including valuation, earn-outs and key commercial terms such as warranties and indemnities.
  He advised on the commercial aspects of the legal documentation and worked with advisors to finalise the Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA).
• Completion
  Coordinated stakeholders across both sides of the transaction to ensure clear communication and successful completion.

Santosh’s financial acumen, commercial insight and communication skills were instrumental in getting the transaction over the line.

The Outcome

Uravi acquired an initial 10% equity stake in Spafax in June 2025 and intends to increase its ownership to 100% in a phased manner.

Strategic Impact

The acquisition enables Uravi to:

• Expand its product portfolio and presence across India, Asia and European markets
• Leverage Spafax’s patented mirror technology for military and commercial use in India
• Strengthen its global innovation capability through a UK-based R&D hub

What the Client Said

“Santosh was a phenomenal support, successfully managing our acquisition from start to finish along with Sandeep. He skilfully handled all meetings with potential targets as well as managed the expectations of complex stakeholders, including the sellers' advisory teams. Santosh successfully navigated the difficult process of obtaining data from the sellers' financial systems, playing a vital role in due diligence. His advice on valuation, contracting, and completion was crucial to the success of the acquisition.”

— Niraj Gada, MD, Uravi Defence & Technology Ltd., India

FD4 Insight

Cross-border acquisitions require more than technical expertise.

They depend on strong stakeholder management, the ability to maintain momentum through complex negotiations, and sound commercial judgement at critical stages.

In this case, hands-on support and close coordination across both sides of the transaction were key to delivering a successful outcome.

When to Engage FD4

If you are considering an acquisition, entering a new market, or managing a complex transaction, having experienced financial leadership in place can significantly improve your chances of success.

FD4 supports business owners and leadership teams with the insight, structure and delivery capability needed to move transactions forward with confidence.