01 September 2010 08:47 [Source: ICIS news]
MUMBAI (ICIS)--India’s Bilcare has completed the acquisition of INEOS Group’s global films business for Indian rupees (Rs) 6.07bn ($129m), the pharma and healthcare solutions provider said on Wednesday.
Bilcare, through its German subsidiary, and INEOS agreed on 2 August on the acquisition of INEOS Films, which generated around €240m ($304m) in turnover last year, it said in a statement to the Bombay Stock Exchange.
INEOS Films produces around 140,000 tonnes/year of films for the pharmaceutical, specialties, cards and packaging industries. The company employs around 1,300 people across manufacturing sites in Germany, Italy, India and North America.
The acquisition would help Bilcare increase its presence in Europe and the US, and would raise its revenue by around 25–30%, a source from the Indian firm told ICIS.
Bilcare is based in Pune, Maharashtra state, and has manufacturing facilities in India, Singapore, North America and the UK.
($1 = €0.79; $1 = Rs47.01)
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