Speciality chemicals firm Lanxess India on Monday said it will acquire the chemical businesses and assets of Gwalior Chemical Industries for euro 82.4 million.
"This is our first acquisition in India and a further milestone in our company's long-term growth strategy in BRIC (Brazil, Russia, India, China) countries," Lanxess Chairman Axel C Heitmann told reporters in Mumbai.
"Gwalior's business complements the portfolio of the basic chemicals business unit and will strengthen our production base in the exciting Indian market," he said.
Lanxess India is a subsidiary of Lanxess Germany.
Gwalior Chemical is a producer of sulphur chlorides for the agrochemicals and pharmaceuticals industries. It has production sites in Nagda, Madhya Pradesh, and Ankleshwar, Gujarat.
Lanxess would acquire the entire chemicals business, including the manufacturing assets at Madhya Pradesh, and the wind power business located in Maharashtra and Madhya Pradesh.
Gwalior Chemical would, however, retain the manufacturing site at Gujarat.