4 December, 2023 16:05:12 IST 
PCBL Ltd., formerly Philips Carbon Black Ltd., and a leading player in carbon black and speciality chemicals, is set to acquire 100% stake in Pune-based speciality chemicals company, Aquapharm Chemicals Pvt. Ltd. (ACPL), for a total consideration of Rs. 3,800-crore.
The financing for this acquisition, contingent upon the agreed adjustment, will be sourced from a combination of internal accruals and external fundraising by the company and its affiliates, the Kolkata-based RP-SG Group company said in an exchange filing.
“In furtherance of such approval, the company has executed a share purchase agreement (SPA) dated 28 November 2023 with ACPL, Mr. Vimal Mangwani, Mr. Dharmesh Mangwani, Mr. Nitin Raojibhai Desai and other shareholders of ACPL, for undertaking the proposed transaction, subject to inter alia obtaining all necessary approvals and fulfilment of other customary conditions, as per the terms and conditions specified in the SPA,” the company said in a release.
PCBL has entered the global speciality segments of water treatment chemicals and oil & gas chemicals through this acquisition, according to the company.
ACPL is among the top three globally in its sector, specialising in the manufacturing of water treatment chemicals. The company operates manufacturing facilities in India, the US, and Saudi Arabia, managing overseas plants through subsidiaries. Aquapharm had a consolidated turnover of Rs. 2,008.8-crore in 2022-23.
JV deal with Australia’s Kinaltek
In another development, PCBL said it has received board approval for entering into a joint venture (JV) with Australia’s Kinaltek Pty Ltd, to expand into the growing battery applications market.
The company will own 51% in the JV and will infuse $16-mn into the JV, besides a commitment to infuse up to $28-mn in stages, for setting up a manufacturing facility. The project will be financed through a mix of internal accruals and external fund raise by the company.
