Sector News

Sumitomo Mitsui to take $58.4 million stake in Reliance Capital

December 29, 2014
Chemical Value Chain
(Reuters) – Reliance Capital Ltd on Thursday said Japan’s Bank Sumitomo Mitsui Trust will acquire an initial 2.77 percent stake in the company for $58.4 million.
 
Sumitomo Mitsui will buy the stake at 530 rupees per share through preferential allotment, Reliance Capital said in a statement. The deal represents a premium of 6.5 percent over the stock’s Wednesday close.
 
Reliance Capital also said it intends to establish a new bank in India with Sumitomo Mitsui as a strategic partner, when the central bank’s policies permit its formation.
 
(Reporting by Aman Shah in Mumbai; Editing by Robin Pomeroy)

comments closed

Related News

February 4, 2023

Eastman acquires performance films company Ai-Red Technology

Chemical Value Chain

Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.

February 4, 2023

BASF and StePac partner on chemical recycling MAP packs to fight food waste

Chemical Value Chain

BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.

February 4, 2023

TotalEnergies and Intraplás partner on food-grade renewable biopolymer production

Chemical Value Chain

TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.

How can we help you?

We're easy to reach