The acquisition will catapult Birla Carbon to become a leading global player
The Aditya Birla Group said that it has entered a definitive agreement to acquire the Atlanta based Columbian Chemicals Company, from One Equity Partners, the merchant banking arm of JP Morgan Chase & Co.
The Aditya Birla Group has bought One Equity Partners' equity in Columbian Chemicals through its associates, Alexandria Carbon Black Company and Thai Carbon Black Company Ltd along with SKI Investment, an Aditya Birla Group Company.
Kumar Mangalam Birla, chairman, Aditya Birla Group, said, "The acquisition of Columbian Chemicals catapults Birla Carbon to become a leading player globally in this sector, by raising its annual production to two million tons. This acquisition will create a business which will have the advantage of cutting edge technology and low costs, and will have a truly global footprint."
The Aditya Birla Group is one of the most cost efficient manufacturers of carbon black. Its operations span four countries, with six manufacturing plants. It caters to the requirements of leading tyre manufacturers globally. Columbian Chemicals operates 11 plants in nine countries.
The acquisition is subject to customary approvals. The deal is expected to attain closure in the second half of CY-11.
ANZ, BankAM, HSBC, RBS and StandChart are participating in the financing of the transaction and were also the financial advisors for this deal.
KPMG were our tax and accounting advisors, and Shearman & Sterling LLP, the legal counsel.
ADF Foods net profit rose to Rs4.28 crore in the December 2010 quarter, compared to Rs3.22 crore over the corresponding period last year
ADF Foods Ltd has recorded a jump of 32.91% in its net profit to Rs4.28 crore in the December 2010 quarter, compared to Rs3.22 crore over the corresponding period last year.
During the same period, the income from operation has increased by 22.34% to Rs28.53 crore from Rs23.32 crore.
On Tuesday, ADF Foods ended 2.70% up at Rs55.15 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.67% down at 18,022.22 points.
In the December 2010 quarter, Mandhana Industries net revenues increased by nearly 13.74% to Rs215.09 crore
Textile & garment maker, Mandhana Industries Ltd said its net profit for the December 2010 quarter increased to Rs19.90 crore from Rs9.28 crore over the corresponding period last year.
In the December 2010 quarter, its net revenues increased by nearly 13.74% to Rs215.09 crore.
On Tuesday, Mandhana Industries ended 2.02% down at Rs252 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.67% down at 18,022.22 points.