Rossari Biotech Ltd, a speciality chemicals manufacturer, on Sunday announced the acquisition of Tristar Intermediates at an enterprise value of Rs 120 crore. The board of the company has approved the acquisition of Tristar Intermediates, a move which will help Rossari Biotech expand its product portfolio, primarily in the personal care segment.
As per the agreement and subject to customary closing conditions, Rossari will be acquiring 100% equity share capital of Tristar Intermediates.
Rossari plans to fund the investment through cash on the balance sheet and doesn’t intend to raise any debt for this acquisition.
Established in 1998, Tristar Intermediates operates in the field of Preservatives, Aroma Chemicals, and Home & Personal Care Additives. It has a manufacturing facility at Sarigam, Gujarat, India with a total capacity of 15,000 MTPA and had a turnover of Rs 110.5 crore.
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