The Sarda group has given a fresh twist to the BSL takeover attempt by making UAE-based business tycoon, Kailash Agarwal, a party to the battle.
The Sardas are in the process of signing a memorandum of understanding (MoU) with the NRI. According to the terms of the MoU, the Sardas and Agarwal would make a joint open offer for BSL with the objective of acquiring management control of the company, where Agarwal will have a significant stake. Market sources said, Agarwal already has some stake in BSL. Ghanshyam Sarda of Kolmak Chemicals, the company spearheading the acquisition, declined comment.
Sarda