Philips Carbon Black to acquire Aquapharm Chemicals for Rs 3,800 crore

The acquisition of Aquapharm Chemicals Private Limited marks the company's foray into global specialty segments of water treatment chemicals and oil & gas chemicals

Philips Carbon Black Limited (PCBL) on Tuesday approved the acquisition of Aquapharm Chemicals Private Limited (ACPL) for an aggregate of Rs 3,800 crore, announced the company in an exchange filing.

"In furtherance of such approval, the company has executed a share purchase agreement [SPA] dated November 28, 2023 with ACPL, Vimal V. Mangwani, Dharmesh Mangwani, Nitin Raojibhai Desai and other shareholders of ACPL, for undertaking the proposed transaction, subject to inter alia obtaining all necessary approvals and fulfillment of other customary conditions, as per the terms and conditions specified in the SPA," the company said.

According to the release, the proposed transaction shall be financed through a mix of internal accruals and external funds raise by the company and/or its affiliates/associates.

The acquisition of ACPL marks the company's foray into global specialty segments of water treatment chemicals and oil & gas chemicals.

"It is the first milestone in achieving the vision of creating a multi-platform global specialty chemical business portfolio," said the company.