Acquisition booster for Kanoria Chemicals

Activity is likely to perk up in the stock of Kanoria Chemicals & Industries Ltd, as it decided to acquire 90 per cent stake in Switzerland-based APAG Holding AG for over Rs 44 crore. The transaction, which also includes a loan of about Rs 7.5 crore, will mark the company's entry into the automotive component business. It is the holding company of APAG Elektronik that develops and sells electronic and mechatronic modules and control devices for the automotive, consumer goods, power tool electronics and building automation industries. The balance 10 per cent stake will be acquired by 2014 on the basis of a pre-fixed pricing formula, it added.