The acquisition will give PCBL, among the largest manufacturers of carbon black material in India, a crucial foothold in the specialty segments of water treatment chemicals and oil and gas chemicals.
PCBL, earlier known as Phillips Carbon Black Ltd, expects to finance the deal through a mix of internal accruals and external fundraising, the company told stock exchanges after the share-purchase agreement was signed on 28 November. The acquisition is expected to be completed in two to three months.
PCBL will acquire Aquapharm shares from the company’s founders Vimal and Dharmesh Mangwani and Nitin Desai, of Desai Brothers Ltd, the owners of Mother’s Recipe pickles brand.
Mint reported the impending sale of Aquapharm first on 2 April 2023, after the company hired investment bank Stifel to arrange the sale.
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