Tata Chemicals in advanced talks for Archean’s industrial salt unit | Business Standard News


Tata Chemicals in sophisticated talks for Archeans commercial salt unit
A potential deal might offer a reprieve to Archean, which has actually been having a hard time to service its financial obligation commitments for the previous two years

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Tata Chemicals Ltd. is in advanced talk with acquire the industrial salt unit of Archean Group that might value the service at 4.5 billion rupees ($ 61 million) at a minimum, according to individuals familiar with the matter.

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A possible offer could use a reprieve to Archean, which has been struggling to service its financial obligation obligations for the past two years. The Chennai-based company, founded in 1982, has services spanning from commercial salt, fertilizers to mining, according to its site.

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In 2018, India Resurgence Fund, a joint endeavor between Bain Capital and Piramal Enterprises Ltd., invested $156 million in Archeans marine chemical service. The business stated it would use the earnings for re-financing existing financial obligation and offering capital to grow its market share in India and abroad. ICRA, a credit ranking company, upgraded Archeans score in October 2019 pointing out operational enhancements since the investment, but said its capital structure stays extremely leveraged.

The board of Tata Chemicals is set to talk about the prospective deal as quickly as this month, said the people, who asked not to be recognized as the info is personal. Settlements are ongoing and might still fall apart, the individuals said.document.write(“”); googletag.cmd.push( function() googletag.defineOutOfPageSlot( );.

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The Archean system, with a production capability of 3 million metric tons, makes industrial salt used as an intermediary in the production of products from detergents, textile dyes to plastics and glass.
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The board of Tata Chemicals is set to discuss the possible deal as quickly as this month, said the people, who asked not to be identified as the info is personal. In 2018, India Resurgence Fund, a joint endeavor in between Bain Capital and Piramal Enterprises Ltd., invested $156 million in Archeans marine chemical business. ICRA, a credit score firm, upgraded Archeans ranking in October 2019 pointing out functional improvements because the financial investment, but said its capital structure stays highly leveraged.

A representative for Archean decreased to comment, while a representative for Tata Chemicals didnt offer any immediate comment.


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