Vishnu Chemicals Limited (BSE: 516072, NSE: VISHNU), a manufacturer of high-performance specialty chemicals with strong market leadership and an intelligent symphony of forward and backward integration to produce world-class chemicals that are focused on diverse needs and aspirations of its customers, announced the 100 percent equity acquisition of Jayansree Pharma Private Limited (JPPL) at en enterprise value of INR 51.99 Cr (~$6.24 million).
Vishnu Chemicals Limited announced the 100 per cent equity acquisition of Jayansree Pharma Private Limited (JPPL), making JPPL a wholly-owned subsidiary.
The acquisition expands Vishnu Chemicals’ presence in Visakhapatnam, Andhra Pradesh.
The company plans to begin producing Strontium Carbonate at the JPPL plant as part of its growth strategy.
The Board of Directors of Vishnu at their meeting held today approved the acquisition. In furtherance of the same, the Company has entered into a Share Purchase Agreement with JPPL and its shareholders on 19th August, 2024.
Post acquisition, JPPL will become a wholly-owned subsidiary of Vishnu Chemicals Limited, boosting the Group’s fixed asset by nearly INR 80 Cr (~$9.6 million). The JPPL plant is based at Visakhapatnam, home to the Vishnu’s largest manufacturing unit. The newly acquired company will manufacture chemicals and operate in areas aligned with the group.
As part of its growth strategy, Vishnu plans to commission the production of an inorganic chemical Strontium Carbonate at this unit and start generating business at the earliest.
On this acquisition, Mr. Ch. Krishna Murthy, CMD of Vishnu Chemicals Limited said, “This acquisition expands the presence of Vishnu in Visakhapatnam, Andhra Pradesh and accelerates the vision for growth and market expansion. By integrating Jayansree’s capabilities, Vishnu is poised to advance its product offerings.”
Note: The content of this press release has not been edited by Fibre2Fashion staff.
Fibre2Fashion News Desk (HU)
