Chemcon Speciality Chemicals has received approval from Board of Directors for acquisition of entire business undertaking of M/s Shivam Petrochem Industries, a partnership firm, through slump sale on a going concern basis, subject to the approval of members. M/s Shivam Petrochem Industries is engaged in the business of manufacturing and distribution of chemicals and chemical products.
The proposed transaction enables strategic expansion by acquiring a complementary business on a going concern basis. It ensures operational continuity, offers immediate value without setup delays, and creates cost and efficiency synergies. The transaction has been reviewed independently and is in the best interest of the Company and its stakeholders. The business of target entity is not outside the main line of business of the listed entity. The transaction is expected to be completed on or before December 31, 2025.
Chemcon Speciality Chemicals is a manufacturer of specialised chemicals, such as HMDS and CMIC which are predominantly used in the pharmaceuticals industry (the Pharmaceutical Chemicals), and inorganic bromides, namely Calcium Bromide, Zinc Bromide and Sodium Bromide, which are predominantly used as completion fluids in the oilfields industry.
