Fineotex Chemical shares settle 6% higher on US specialty oilfield chemicals acquisition

Fineotex Chemical shares settled higher on Friday after the company announced the acquisition of a US-based specialty oilfield chemicals group.

The stock closed at Rs 25.45 on the National Stock Exchange (NSE), up 6.17 percent from the previous close.

The gains came after the company said it would acquire CrudeChem Technologies Group through its subsidiary. CrudeChem is a US specialty chemical manufacturer that supplies advanced chemical fluid additives and oilfield chemical solutions to the global oil and gas industry. The company has over a decade of operations and works with major energy producers and oilfield service firms.

“This acquisition marks a defining moment in Fineotex’s global growth journey to build a USD 200 million oilfield chemical business in the coming years,” Fineotex Chemical Executive Director Sanjay Tibrewala said in a statement. He said CrudeChem’s technological capabilities, customer relationships and focus on sustainable performance align with the company’s long-term plans.