Clariant Chemicals (India) Ltd. has announced plans to acquire the masterbatches business of Plastichemix Industries Ltd. for Rs. 135 crore.
Post acquisition, Clariant would be the largest specialty masterbatches business producer in India, it said. This deal, which is expected to be completed by March next year, is expected to help Clarient double its business in five years, the company said. The company has also announced plans to sell its leather services business for Rs. 156 crore.
These two proposals were considered and approved at the board of directors on Monday. The acquisition of the Plastichemix’s manufacturing units located at Rania, Nandesari and Kalol in Gujarat would be subject to terms and conditions set out in the draft agreement, the company said, in a filing with the stock exchange.
