Tata Chemicals today announced it will acquire a facility of Gujarat-based Unnati Inorganics for Rs 34.20 crore on a slump sale basis.
The acquisition is a part of the Rs 295 crore investment approved by the Tata Chemicals' Board earlier in February 2017, it said in a BSE filing.
"Tata Chemicals has on May 9, 2017 signed a Business Transfer Agreement with Unnati lnorganics to acquire their undertaking of precipitated silica operation, on a slump sale basis, for a consideration of Rs 34.20 crore," the company said.
This includes an existing manufacturing site at Dahej in Bharuch district, which will produce Highly Dispersible Silica (HDS) after capability augmentation, it added.
The specialty chemical product represents a downstream value addition to Tata Chemicals' soda ash business, where it ranks among the top manufacturers globally.
Precipitated silica is a versatile product with applications in many industries including rubber, coatings and agrochemicals.
The technology for manufacturing HDS at Dahej facility has been developed at TCL's Innovation Centre in Pune, for which eight patents have already been filed.
"This acquisition is another step in TCL's journey to build technologically enabled, differentiated businesses, with greater customer centricity, by leveraging its core strengths," Tata Chemicals said.
Tata Chemicals is a global company with interests in businesses like chemicals, fertilisers and salt.
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