Financial Daily from THE HINDU group of publications
Friday, Apr 18, 2003
Financial Daily from THE HINDU group of publications Friday, Apr 18, 2003 |
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Corporate
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Mergers & Acquisitions Chemplast may buy Kothari soda plant Our Bureau
CHENNAI, April 17 CHEMPLAST Sanmar Ltd plans to buy the caustic soda business of Kothari Petrochemicals Ltd, the company told the Bombay stock exchange on Thursday. Chemplast is already a producer of caustic soda. Its Mettur plant has a capacity of 140 tonnes per day. Kothari Petro's plant has capacity of 60 tonnes per day but is a newer plant, only just over five years old. Also, it uses the more environment-friendly membrane cell technology, as opposed to Chemplast's own plant which still uses the mercury cell technology. Senior Chemplast officials said that they could not disclose the price at which the unit is being bought, pending other formalities, but said that it was only an asset purchase. Kothari Petrochemicals belongs to the Chennai-based HC Kothari group. Chemplast has also announced that it would seek shareholders' approval to make inter-corporate investments, loans and guarantees. Officials said that the acquisition of the caustic soda plant might be made through an investment subsidiary, in which case Chemplast may have to provide funds to it.
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