Tata Chemicals has acquired the remaining 25 per cent stake in Tata Chemicals (Soda Ash) Partners Holdings for USD million (approximately Rs 1,387.2 crore).
With this acquisition, Tata Chemicals has increased its ownership in Tata Chemicals (Soda Ash) Partners to 100 per cent, the company said in statement.
“Tata Chemicals, through its wholly-owned subsidiary Valley Holdings Inc, has acquired the remaining 25 per cent partnership interest in Tata Chemicals (Soda Ash) Partners Holdings from The Andover Group, a subsidiary of Owens-Illinois Inc. for USD 195 million,” the company said.
“With this transaction Tata Chemicals will have full ownership of the North American business and will further simplify enterprise architecture,” Tata Chemicals’ Managing Director and CEO R Mukundan said.
The acquisition is expected to be earnings per share accretive. “We will continue to invest in our Green River facility to meet market demand and serve our customers globally,” Mukundan said.
The shares of Tata Chemicals were trading at Rs 664.90 apiece on BSE.
Source: Economic Times