Philips Carbon Black (PCBL) approved the acquisition of Aquapharm Chemicals Private Limited for an aggregate of Rs 3,800 crore, the company said in an exchanges filing.
“In furtherance of such approval, the Company has executed a share purchase agreement dated 28 November 2023 (“SPA”) with ACPL, Mr. Vimal V. 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 fulfillment of other customary conditions, as per the terms and conditions specified in the SPA,” the company said in a release.
According to the release, the proposed transaction shall be financed through a mix of internal accruals and external fund raise by the company and/or its affiliates/associates.
The acquisition of ACPL marks company’s foray into global specialty segments of water treatment chemicals and oil & gas chemicals.
“It is the first milestone in achieving the vision of creating a multi-platform global specialty chemical business portfolio,” said the company.
