Swan Vitality (SEL) mentioned on Sunday it intends to accumulate a stake of greater than 75% in Veritas (India), a petrochemicals and petroleum merchandise manufacturing firm, for Rs 260.35 crore.
The Mumbai-based agency has already acquired a 55% stake in Veritas for Rs 172.52 crore. It is going to purchase an extra 26% from public shareholders via a proposal priced at Rs 126 per share, totalling to Rs 87.83 crore, SEL mentioned in a regulatory replace.
“The acquisition is consistent with our technique to diversify our geographical attain and companies to gasoline and petrochemicals sectors. The acquisition will assist us leverage Veritas’ sectoral join to accumulate gasoline for the second section of enlargement of our LNG advanced,” Rishi Chopra, SEL spokesperson, mentioned. “The operational experience and globally built-in methods, processes and governance will create an important synergy for us and speed up our journey to the subsequent section of development,” he mentioned.
Veritas (India) is a gaggle firm of Groupe Veritas, a diversified multinational enterprise group with presence in worldwide commerce and distribution, infrastructure and logistics, alternate gas and vitality amongst others.
