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

January 29, 2023

Dow and 3M cut thousands of jobs

Chemical Value Chain

3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.

January 29, 2023

Sweden discovers Europe’s largest rare earths deposit

Chemical Value Chain

Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.

January 29, 2023

Avantium to supply Henkel with plant-based FDCA

Chemical Value Chain

Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).

How can we help you?

We're easy to reach