Sudarshan Chemical acquires Rieco Industries

Pune-based pigment manufacturer Sudarshan Chemical Industries Limited, a part of the Rathi Group of Companies, has acquired 100% stake in Rieco Industries Limited, owned by Rathi family. With this, Rieco Industries, a manufacturer of air pollution control and size reduction equipment, will become a wholly-owned subsidiary of Sudarshan Chemical. The consideration of Rs 16 crores will be brought in by the shareholders of Rieco Industries Limited as ICDs/FDs in Sudarshan.
 
Rieco Industries Limited, which manufacturer pneumatic control industrial systems, size reduction and pollution control equipment, has recorded a turnover of Rs 90 crores for the year ended March 31, 2014.
 
Sudarshan Chemical Industries has also acquired the business of industrial mixers of Rathi Vessels & Systems Pvt Ltd (RVSPL) as a going concern on slump sale basis for a total consideration of Rs 2.5 crores.