 "Godrej Industries to buy Savannah Surfactants' food unit for Rs 76 crore")
Godrej Industries will acquire the food additives and emulsifier business of Savannah Surfactants Limited for Rs 76 crore.
In a regulatory filing on Tuesday, Godrej Industries said that the company has signed a 'Business Transfer Agreement' with Savannah Surfactants Limited (Goa) with the intention to acquire their food additives and emulsifier business.
The deal value is estimated at around Rs 76 crore.
"As a leading player in oleochemicals, surfactants, specialities and biotech, this transaction will help the company expand its product offerings to the Food & Beverages segment," the company said.
Located in Goa, Savannah Surfactants Ltd has a manufacturing capacity of 5,200 tonnes per annum of finished products.
Vishal Sharma, Executive Director and Chief Executive Officer of Godrej Industries (Chemicals), said, "In line with our strategy, the acquisition of this unit in the food ester and emulsifier business will help us to grow our speciality chemicals business. This acquisition is aligned with our commitment towards sustainable growth and innovation." Godrej Industries (Chemicals) is one of the oldest businesses of the group, established in 1963.
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It has two manufacturing locations - Maharashtra and Gujarat - and an R&D centre in India.
The company has operated in varied segments like home and personal care, oil and gas, agrochemicals, pharmaceuticals, rubber, chemical & polymer intermediaries, and lubricants & metalworking fluids etc.