Tata Chemicals, part of India's leading business conglomerate, the Tata group, said it will acquire US-based General Chemical Industrial Products Inc (GCIP) for over 1 billion dollars in yet another of the Indian company's overseas acquisitions. In a filing before the Bombay Stock Exchange, Tata Chemicals said it had entered into agreements for acquiring GCIP, a leading producer of soda ash for 1,005 million dollars.
It will acquire the firm from Harbinger Capital Partners, which is the US company's majority owner and the deal is conditioned on the receipt of shareowner and other regulatory commendations. General Chemicals has a capacity of 2.5 million tons of natural soda ash every year with manufacturing facilities located in Wyoming. According to local news outlets, the buy-out would position Tata Chemicals as the second-largest producer of soda ash in the world, helping it ramp up its production capacity from 3 million to 5.5 million tons a year.
General Chemical supplies essential raw materials used in the process of manufacturing a range of everyday products, such as glass, soap, powdered detergent, paper, textiles and food items. Established in 1939, Tata Chemicals Limited manufactures inorganic chemicals, fertilizers and food additives. It is part of the 28.8 billion dollar Tata group that has a range of businesses that span the hotel industry, steel, tea, automobiles, fertilizers, energy, telecommunications and information services and a high-end jewellery chain.
Read Complete Story
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment