Adani Wilmar Ltd. has agreed to acquire a majority stake in specialty chemical maker Omkar Chemical Industries Pvt. on Thursday as it seeks to boost its presence in the sector.
The Adani Group firm said it has signed a share subscription and share purchase agreement to buy 67% of Omkar Chemical Industries for Rs 56.25 crore. The acquisition is expected to be completed in three to four months, Adani Wilmar said in an exchange filing.
Omkar Chemical Industries operates a manufacturing plant in Panoli, Gujarat, with an annual capacity of around 20,000 MT of surfactants—or compounds found in soaps, detergents, foaming agents, emulsifiers and paints—and is adding capacity for other products as well.
“We're pleased to add these specialty chemicals, which represent further downstream derivatization of our product portfolio," said Saumin Sheth, chief operating officer of Adani Wilmar. "Through this acquisition, AWL will immediately establish a production footprint and capabilities that will allow us to better meet customer requirements."
Shares of Adani Wilmar closed 0.24% lower at Rs 334.20 apiece on Thursday ahead of the announcement compared with a 0.03% decline in BSE Sensex.
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