Just a day after Tata Motors announced its acquisition of Jaguar and Land Rover from Ford Motors', another Tata Group company, Tata Chemicals, India's largest soda ash maker, has completed its acquisition of the US-based General Chemical Industrial Products Inc (GCIP), less than two months after having signed a definitive agreement to acquire it for $1.005 billion.
To fund the acquisition, Tata Chemicals has raised $850 million comprising a $500 million seven-year loan at 1.35 percentage points over LIBOR and a $350 million in six-month bridge loan, through a consortium comprising ABN AMRO, Bank of Nova Scotia, Calyon, HSBC, Mizuho Financial Group, Rabobank and Standard Chartered.
GCIP, is among the top five global soda ash producers with interests in mining, and its acquisition catapults Tata Chemicals to the world's second largest soda ash maker with a combined global capacity of 5.5 million tonnes per annum.
Read Complete Story
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment