Wadia Group buys out Belgian partner Solvay SA
Wadia Group has increased its holding in specialty chemicals maker National Peroxide Ltd (NPL) to about 70.5% by buying out Belgian partner Solvay SA.
The Mumbai-based conglomerate, led by billionaire Nusli Wadia, bought Solvay’s 25.1% stake in an off-market transaction, according to a press statement.
Wadia Group earlier held a 45.4% stake in NPL. Public shareholders hold about 29.5% stake in the Mumbai-listed company. The statement didn’t disclose financial details of the transaction.
Shares of NPL closed at Rs 978.85 apiece on the BSE, giving it a market value of Rs 562 crore. At this price, Solvay’s stake would have been worth about Rs 140 crore.
NPL makes hydrogen peroxide, a chemical used in industries such as textile bleaching, chemical synthesis, paper and pulp and metal extractions. It also makes specialty chemicals such as sodium perborate.
National Peroxide competes with the likes of Gujarat Alkalis & Chemicals Ltd, which has a production capacity of 85,000 metric tonnes a year. The specialty chemicals segment in the country has seen several deals in the recent past.
Earlier this year, Mumbai-based nutraceuticals ingredients company OmniActive Health Technologies Ltd acquired a majority stake in fragrance and specialty chemical manufacturer Indfrag Ltd.