Asahi Songwon Colors enters API biz via Atlas Life Sciences acquisition

The blue pigment maker buys 78% stake in the firm for Rs 48 cr to take control of Ahmedabad works

Ahmedabad-based pigments major Asahi Songwon Colours Limited on Monday announced its foray into active pharmaceutical ingredient (API) manufacturing with the acquisition of Atlas Life Sciences Private Limited.

A leading blue pigment maker globally, Asahi Songwon announced acquisition of 78 per cent in Atlas Life Sciences for an all-cash deal of Rs 48 crore, thereby taking control of the latter's manufacturing facility in Ahmedabad. The pigments company will now acquire the remaining 22 per cent stake in two tranches of 11 per cent each over the next two financial years till 2025.

With the acquisition Asahi Songwon has not only gained a fully-operational