Brussels-based Solvay group has acquired an additional 18.39 per cent stake in Mumbai-based Rhodia Specialty Chemicals India Ltd for Rs 51.89 crore ($8.66 million) through an open offer, as per a stock market filing.
With this, the firm has hiked its stake in Rhodia Specialty from 72.93 per cent to 91.32 per cent and will now be able to delist the subsidiary. Public-listed firms need to maintain at least 25 per cent public holding.
Rhodia Specialty Chemicals (formerly Albright & Wilson Chemicals India Ltd) is a chemical manufacturing company and its products portfolio includes acids and industrial phosphates. It is related to Rhodia’s Novecare business, serving markets for home & personal care, industrial formulations and paints & coatings, as well as oilfield chemicals. The company operates a plant at Roha in Maharashtra, employs about 130 people and produces surfactants for the home care, personal care and agrochemical markets.
Structured around 11 global business units, the Solvay group is the partner of major players in automotive, electronics, flavours & fragrances, health, personal & home care, consumer goods and industrial markets. It employs around 14,250 people worldwide and generated sales of €6.17 billion in 2011.
Solvay operates three companies in India – namely, Rhodia Specialty Chemicals India Ltd which was acquired in 2000, Rhodia Polymers & Specialties India Pvt Ltd (acquired in 2011) and Hindustan Gum & Chemicals (HICHEM), a joint venture with MP Birla Group since 1962.
(Edited by Sanghamitra Mandal)