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
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