Germany-based specialty chemicals group Evonik Industries AG has agreed to acquired Mumbai-headquartered Monarch Catalyst Pvt Ltd, a manufacturer of nickel catalyst for oils & oleochemicals, according to a press release.
The financial terms of the transaction were not disclosed.
The deal is expected to close during the first half year of 2015 after the required approvals have been received.
Monarch Catalyst has annual turnover in the low two-digit million euro range which means anywhere between Rs 70 crore and Rs 200 crore. Monarch Catalyst was founded in 1973 by two technocrats K Muthukumar and Shantibhai Vadalia with its production site in Dombivli (near Mumbai), it has around 300 employees.
With the acquisition of the manufacturer of chemical catalysts, Evonik will strengthen its market position in activated metal catalysts and noble metal catalysts, it said in the statement.
Evonik is engaged in the business of producing specialty catalysts, custom catalysts and catalysts components for the life sciences & fine chemicals, industrial & petrochemical and polyolefines market segments. The company is active in over 100 countries around the world.
Avendus Capital acted as an advisor to Monarch Catalyst on its sale to Evonik.
(Edited by Joby Puthuparampil Johnson)