Aditya Birla to buy Kanoria's chloro chem div for Rs 830cr
Aditya Birla Group said on Saturday it had acquired a unit of local chemicals maker Kanoria Chemicals & Industries for Rs 830 crore in an all-cash deal. Aditya Birla Group's chairman, Kumar Mangalam Birla, said - a compelling strategic fit, this acquisition further strengthens our group's standing in the chlor alkali/caustic soda sector.
April 18, 2011 / 08:29 IST
Aditya Birla Group said on Saturday it had acquired a unit of local chemicals maker Kanoria Chemicals & Industries for Rs 830 crore (USD 187 million) in an all-cash deal.
Aditya Birla Chemicals (India), a unit of Aditya Birla Group, will buy the choro chemicals division of Kanoria Chemicals to boost its production capacity, the company said in a statement.The transaction is expected to be completed by end of next month.Aditya Birla Group's chairman, Kumar Mangalam Birla, said - a compelling strategic fit, this acquisition further strengthens our group's standing in the chlor alkali/caustic soda sector. This acquisition solidifies the group's position as the country's largest producer of chlor alkali."It is a critical input in the aluminium sector,
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