Aditya Birla Nuvo may bid for Evonik carbon unit-report | business | Hindustan Times
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Aditya Birla Nuvo may bid for Evonik carbon unit-report

Aditya Birla Nuvo may bid for the carbon black division of Germany's Evonik Industries, the Business Standard reported today.

business Updated: Nov 10, 2010 10:51 IST

Aditya Birla Nuvo may bid for the carbon black division of Germany's Evonik Industries, the Business Standard reported on Wednesday.

The division, with annual sales of $1.3 billion and 1,700 employees across 12 countries, is the second largest in the world, it said citing two independent investment banking sources.

The cost of acquisition was seen at $1.25 billion, it said. In September, Evonik had identified the division as non-core and finalised plans to divest it, the report said.

"Yes, we are aware of the divestment process of Evonik's carbon black operation. But I don't think any information memorandum will be ready before December-end," the report quoted Santrupt Mishra, chief executive of the carbon black business of the Aditya Birla Group, as saying.

"So, to say we are bidding at this point is incorrect. Once all details are out, then we shall evaluate them and take a call."