Detergent maker Nirma has entered into a definitive agreement to acquire a US-based natural soda ash producer for an undisclosed amount.Nirma will acquire Searles Valley Minerals Operations and Searles Valley Minerals (collectively called SVM) from an affiliate of US-based firm Sun Capital Partners and other minority shareholders. The agreement for the acquisition is subject to customary regulatory clearances.SVM has three manufacturing facilities at Argus, Trona and Westend, California. The firms' total mineral reserves are in excess of 600 million tonne. SVM has a combined production capacity of over 1.9 million tonne. SVM also has a 67 Mw co-generation power plant, a short line rail road and a joint venture in port operations at the Port of Long Beach.While HSBC Securities and Capital Markets (India) advised Nirma on the transaction, J P Morgan Securities advised SVM. The due diligence was conducted by KPMG.
