Camlin Fine Sciences has received approval from board of directors for acquisition of 35% stake in its subsidiary namely, Dresen Quimica SAPI de CV (Dresen) from Controladora De Servicios Riso S.A.P.I. de C.V. (the joint venture partner) for an amount not exceeding $13 million, subject to regulatory approvals, if necessary and execution of definitive agreement by the Company with the joint venture partner.
Dresen is a joint venture between the Company and Controladora De Servicios Riso S.A.P.I. de C.V. in which the Company currently holds 65% stake. Post completion of the said acquisition, Dresen will become a wholly?owned subsidiary of the Company.
Camlin Fine Sciences is the world's second largest manufacturer and marketer of food grade antioxidants BHA (butylated hydroxyanisole) and TBHQ (Tertiary Butylhydroquinone).
