Godrej Industries has acquired a unit of Shree Vallabh Chemicals in Gujarat for an estimated investment of Rs 45 crore, expanding its product offerings.
New Delhi, Jul 8 (PTI) Godrej Industries Ltd on Monday said its chemicals business unit has agreed to acquire a unit of Shree Vallabh Chemicals at Kheda in Gujarat entailing an estimated investment of Rs 45 crore.
The company's chemicals business has signed a business transfer agreement with Shree Vallabh Chemicals Unit II (Kheda), with the intention to acquire their Ethoxylation unit II, Godrej Industries said in a regulatory filing.
This transaction will help the company expand its product offerings by adding the Ethoxylation technology to its portfolio of process and batch technologies, it added.
The Shree Vallabh Ethoxylation Unit II has a manufacturing capacity of 24,000 MTPA (Million Tonne Per Annum) of finished products, the filing added.
On the estimated amount to be invested, Godrej Industries said it will be around Rs 45 crore.
"...the proposed acquisition of the unit will aid us in expanding our offerings and also cater to new applications for our customers. By enabling us to accelerate the investment timeline, we are confident that it will also provide us with various cost synergies," Godrej Industries (Chemicals) Executive Director and CEO Vishal Sharma said.
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