Shri Dinesh Mills, Mccean Rohco to acquire Chem-Verse Consultants (lndia)
Shri Dinesh Mills Limited said that its fully-owned subsidiary — Stellent Chemicals lndustries along with Mccean Rohco Holdings LLC, USA have signed a deal to acquire Chem-Verse Consultants (lndia).
Stellent Chemicals will hold a stake of 51% in Chem-Verse Consultants (lndia), while the remaining 49% stake will be owned by Mccean Rohco Holdings.
Chem-Verse Consultants (lndia) is engaged in manufacturing and marketing of superior quality gamut of industrial specialty chemicals and aerosol sprays. For FY 2020-2021, the company’s sales were INR 1,078.3 lakhs while its net profit was INR 84.86 lakhs.
Shri Dinesh Mills Limited said the acquisition will enable its foray into a new line of business, that is chemicals with the technical expertise of Chem-Verse Consultants (lndia).
The deal will be executed in three tranches, the first involves the acquisition of a 51% stake of the share capital during FY 2021-2022 for a price of up to INR 10.4 crores.
The second tranche will see a 15% stake acquired by the two firms during FY 2022-2023, while the third tranche will see the remaining 34% purchased during FY 2023-2024.
According to Shri Dinesh Mills Limited, the purchase prices for the second and third tranches will be determined as per the provisions of the signed share purchase agreement.