Jayshree Chemicals jumps on sale of its unit to Aditya Birla

Jayshree Chemicals has surged 5% after the company approved the sale of Chlor Alkali business to Aditya Birla

Jayshree Chemicals has surged 5% to Rs 15.30 on the BSE after the company approved the sale of Chlor Alkali business to Aditya Birla Chemicals (India) for a cash consideration of Rs 212 crore.

 

Aditya Birla Chemicals (India) (ABCIL) said the acquisition will  take ABCIL to a higher growth trajectory. Shares of ABCIL are up 4.4% and are quoting at Rs 304 on the BSE today.

 

Chlor-Alkali (CAD) division is an environment friendly and energy efficient membrane cell facility located at Ganjam, Odisha and also has about 1600 acres of salt works in Andhra Pradesh. The current capacity of the facility is about 57,000 tons per annum. CAD is cost competitive, driven by strengths of the latest state of the art technology. With this acquisition, the total caustic soda capacity of ABCIL will increase to about 3.55 lakh tons per annum, ABCIL said in a statement.

 

Jayshree Chemicals is engaged in the manufacturing of caustic soda, liquid chlorine and hydrochloric acid (HCL) and sodium hypo chlorite based on energy efficient latest membrane cell technology at Ganjam District, East Coast of Orissa having an installed capicity of 53200 MPTA, 35000 MPTA ,37000 MPTA AND 6500 MPTA of caustic soda, liquid chlorine and hydrochloric acid (HCL) and sodium hypo chlorite respectively.

 

The stock opened at Rs 15.30 and has remained unchanged so far on the BSE. A total of 5,750 shares have been exchanged on the BSE so far.