Anupam Rasayan India Ltd.(“ARIL”), one of India’s leading custom synthesis and specialty chemical player, announced the consummation of recently announced acquisition. The Company has completed the acquisition of 24.96% of the total equity shareholding of and joint control of Tanfac Industries Limited (“TIL”) from Birla Group Holdings Private Limited (“BGH”), (a promoter company which is part of Aditya Birla Group) and few other promoter group of TIL (“Sellers”). The Company has acquired joint management control and has become promoter of the company along with Tamilnadu Industrial Development Corporation Limited (“TIDCO”) with effect from March 11, 2022, pursuant to acquisition of shares as aforesaid and under the terms of the Amendment to the Joint Venture Agreement Dated February 1, 2022 executed between the Company, TIDCO, Tanfac Industries Limited and Birla Group Holdings Private Limited.
Incorporated in 1972, TIL is a specialty fluorides chemical manufacturer. The company is also a leading producer of Hydrofluoric Acid and is engaged in manufacturing 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. The company has one manufacturing unit at Cuddalore, Tamil Nadu, spread across 60 acres and strategically located adjacent to the Cuddalore Port. TIL posted revenue of ?253 crores, EBITDA of ?65 crores and PAT of ?46 crores till Q3 of FY2022.
Speaking on the appointment, Anand Desai, Managing Director of ARIL, said, “We are very pleased to announce that our acquisition of Tanfac industries from Birla Group Holdings has successfully completed. 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”
*Original article online at https://www.apnnews.com/anupam-rasayan-completes-tanfac-industries-acquisition-of-24-96/