Rossari Biotech acquires 65% stake in Unitop Chemicals
Rossari Biotech, an Indian chemical manufacturing company, has completed its previously announced acquisition of a 65% stake in Unitop Chemicals Private Limited.
The deal was announced in June 2021, under which Rossari Biotech would initially acquire the 65% stake and later on buy out the remaining 35% stake over the next couple of years. It values 100% of Unitop Chemicals at INR 421 crores.
In a statement to the BSE, Rossari Biotech said: “We wish to inform that as per the share purchase agreement (“SPA”) dated June 02, 2021, as amended, with the existing shareholders of Unitop Chemicals Private Limited (“Unitop”), the Company has completed the acquisition of the First Tranche of 65% of the equity share capital (on a fully diluted basis) ofUnitop on Thursday, August 26, 2021.”
Based in Mumbai, Unitop Chemicals is a supplier of surfactants, emulsifiers, and specialty chemicals. Its main expertise is focused on surfactants, which are among the four core chemistries of Rossari Biotech.
In the previous fiscal year, the registered revenues of Unitop Chemicals were INR 280 crores.
Last month, Rossari Biotech signed a deal worth INR 120 crores to acquire Tristar Intermediates, which is engaged in manufacturing preservatives, aroma chemicals, and home and personal care additives.