Speciality chemicals maker Camlin Fine Sciences Ltd said on Wednesday it has agreed to acquire a 65 per cent stake in Mexico's Dresen Quimica SA de CV, along with its group companies, for $7.8 million (Rs 53 crore) in cash.
Camlin struck the deal through unit CFS Antioxidantes De Mexico SA De CV, it said in a stock market disclosure.
Incorporated in 1987, Dresen makes speciality intermediate chemicals for feed and food manufacturers, pet food manufacturers and industrial customers. It has operations in Mexico, Guatemala, Peru, Columbia and Dominican Republic.
Camlin said it may expand its market reach in North, Central and South America after the acquisition.
Dresen and its group companies posted combined net sales of $14.79 million for the year ended in December 2014 as against $12.55 million the year before.
The transaction, which is likely to be completed by May 2, is subject to certain conditions and approvals.
Mumbai-based Camlin makes and exports bulk drugs, fine chemicals and food grade products.