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Jindal Poly Films Ltd, part of the B C Jindal Group, has entered into an agreement with ExxonMobil Chemical to acquire its biaxially oriented polypropylene (BOPP) global films business.
The purchase agreement was signed on Friday, but Jindal Poly Films did not disclose the deal size.
The shares of Jindal Poly Films ended 4.67 per cent lower to close at Rs 212.50 on the BSE on Friday.
The transaction remains subject to necessary approvals from the regulatory authorities, the company said in a statement.
ExxonMobil’s BOPP has five manufacturing units in the US and Europe and has about 1,500 employees.
The transaction also includes a technology centre and sales office in Rochester, New York and an office in Luxembourg.
“We are excited to buy this business due to its excellent portfolio of premium products along with industry leading technology and R&D. We are confident that, in combination with our existing Indian operations, we will be able to deliver long-term solutions to our customers globally,” Hemant Sharma, CEO, Jindal Poly Films, said in a statement.
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