Specialty chemicals maker Dorf Ketal on Tuesday announced the acquisition of Ahmedabad-based Khyati Chemicals as part of its diversification strategy.
Both the companies have entered a definitive agreement to transfer a 100% stake in Khyati Chemicals to Dorf Ketal, as per a press statement. The deal is learned to be valued at around Rs 350 crore. Dorf Ketal did not disclose the value of the deal.
“The deal will help Dorf Ketal to diversify its revenue stream and enter into performance chemicals business where Khyati Chemicals has a strong presence,” the press statement read.
Dorf Ketal manufactures specialty chemicals such as catalysts, lubricant additive components, oil field chemicals, fuel additives, amine removal agents, and visbreaker antifoulants which are used in refineries, petrochemical plants, and ancillary units.
Khyati Chemicals is India’s second-largest manufacturer of optical brightening agents, which are chemicals used in whitening materials. It has customers like Unilever, Ghadi, and Trident India Papers among others, and competes against the likes of Deepak Nitrite, Meghmani, and Archroma and has been the margin leader in its line of business, as per the statement.
Singhi Advisors acted as the exclusive financial and strategic advisor to the transaction.
