Companies

Anupam Rasayan completes stake buy in Tanfac Industries

BL Ahmedabad Bureau | Updated on: Mar 15, 2022
A view of Anupam Rasayan unit

A view of Anupam Rasayan unit

Acquires joint management control and becomes promoter of TIL along with Tamil Nadu Industrial Development Corporation

Ahmedabad, Mar 15: Specialty chemicals maker, Anupam Rasayan India Ltd has completed the acquisition of 24.96 per cent of the total equity shareholding of and joint control of Tanfac Industries Ltd (TIL) from Birla Group Holdings.

In a regulatory filing on Tuesday, Surat-headquartered Anupam Rasayan informed that it has completed the acquisition from the Birla Group Holdings Private Ltd, a promoter company which is part of Aditya Birla Group and few other promoter group of TIL.

The company has acquired joint management control and has become its promoter along with Tamilnadu Industrial Development Corporation Ltd with effect from March 11, 2022.

The terms of the Amendment to the Joint Venture Agreement was executed on February 1, 2022 between Anupam Rasayan, TIDCO, Tanfac Industries and Birla Group Holdings Private Ltd.

Incorporated in 1972, TIL is a specialty fluorides chemical manufacturer. Notably, Anupam Rasayan is also a leading producer of Hydrofluoric Acid and is engaged in manufacturing of other organic and inorganic fluorine-based products such as Aluminium Fluoride, Sodium Silico Fluoride, Potassium Fluoride.

In addition to that, Sulphuric Acid and Oleum are key products of the company.

It has a manufacturing unit at Cuddalore, Tamil Nadu, spread across 60 acres and located adjacent to the Cuddalore Port. TIL posted revenue of ₹253 crore with EBITDA of ₹65 crore and PAT of ₹46 crore for the third quarter of current fiscal 2022.

Anand Desai, Managing Director of Anupam Rasayan said, “We are excited to create significant value through synergies and expand our fluorination chemistry business. Tanfac has an excellent management team and with this talent, we will together take its business to the next level. We look forward to work with them for a smooth integration."

Anupam Rasayan shares gained 5 per cent on BSE and closed at ₹901 on Tuesday.

Published on March 15, 2022

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you