Belgium's Solvay to acquire control of India’s Sunshield Chemicals
13 September 2012 09:11 [Source: ICIS news]
?xml:namespace>SINGAPORE (ICIS)--Solvay will acquire controlling interest in India’s surfactants producer Sunshield Chemicals for an undisclosed amount, the Belgian company said on Thursday.
“This acquisition will enable Solvay's Novecare business to accelerate growth plans in India for the home and personal care, agrochemicals, coatings and industrial applications markets. Solvay is determined to double its sales in India by 2015,” it said.
Solvay has signed an agreement with India’s Amit Choksey Group for the acquisition of Sunshield Chemicals, which is listed on the Bombay Stock Exchange.
“With Sunshield Chemicals, we are expanding our existing industrial base in this country and reinforcing our commercial presence in strong growth market segments," Novecare president Emmanuel Butstraen said.
The Indian firm had generated net sales of rupee (Rs) 943m ($17m) in the year ended 31 March 2012, Solvay said.
($1 = Rs55.22)By: Pearl Bantillo +65 6780 4359
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