Sector News

Indorama Ventures to buy majority stake in Dhunseri Petrochem

February 29, 2016
Chemical Value Chain

Indorama Ventures Ltd. (IVL), the Bangkok-based polyester producer founded by Indian-origin businessman Aloke Lohia, is close to acquiring a majority stake in Dhunseri Petrochem, reports a business daily.

IVL will acquire a substantial stake in Dhunseri Petrochem and manage the company jointly with the Dhanukas, according to the financial newspaper.

A Dhunseri Petrochem notice to stock exchanges says that its Board will meet on Monday to consider a Scheme of Arrangement for restructuring and opportunities for strategic investment.

The enterprise value of Kolkata-based Chandra Kumar Dhanuka’s petrochem business is about INR 1,200 crore, reports the daily.

Dhunseri Petrochem’s shares closed at INR 74.50 on the BSE on Friday, giving it a market value of just over INR 278 crore.

IVL is one of the world’s largest polyester producers with sales of US$6.8 billion (INR 46,770 crore) in 2015.

The Dhanuka family holds 67.28% of Dhunseri Petrochem while the balance equity stake is with public shareholders.

Once the deal gets sealed, the Dhanukas may concentrate on their core business of tea, according to the paper.

Source: India Infoline

comments closed

Related News

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.