The Chennai-based Indian Syntans Pvt. Ltd, which had acquired over 5 per cent of equity in Bayer (India), today claimed that the acquisition was a mere investment.
The company had acquired 5.2 per cent of the equity in Bayer (India) at an aggregate Rs 6 crore.
N Narayanan, managing director, Indian Syntans Pvt Ltd said, "We have not taken any decision regarding increasing our stake further in Bayer (India)."
However, he said the company was open to any legally possible options in future and said that it depended on the possible business opportunities.
At present, he said the company was present only in three areas-investments, insurance and technology and added that the company had completely exited from leather chemicals. Formerly, Indian Syntans was a major player in leather chemicals in the south.
He refused to divulge reasons as to why the company had acquired 5 per cent stake in Bayer (India), which is involved mainly in chemical, pharmaceutical and crop protection products.
Bayer (India) Ltd., whose shares are traded in the Mumbai stock exchange, constitutes the core company of the Bayer Group in India.
The company was founded in 1995 as a 100 per cent subsidiary of the German parent company Bayer AG.
In south India, it has established a joint venture, Bayer Indian Syntans Ltd, to handle Bayer's leather chemicals business in India.
Bayer has contributed its entire range of about 400 products for leather processing to the joint venture and holds 70 per cent of the company's stock.
