IPLS signed an agreement to acquire Russian operations from Purmo Group Oyj (HLSE:PURMO) on April 28, 2023. Subsequent to closing of the transaction Purmo Group will not have any redemption liabilities in relation to the Russian business. The completion of the transaction is subject to the approval by the relevant regulatory authority in Russia, which is expected to be received within 3 months.

As on July 19, 2023, the approval by the relevant regulatory authority in Russia is expected to be received during the third quarter of 2023.