Huntsman acquires Laffans Petrochemicals

Huntsman Corporation has taken over Laffans Petrochemicals, and has also taken the ownership of the company’s 60 kilo tonne ethylene oxide derivatives facility at Ankleshwar

The American chemicals major Huntsman Corporation said it has taken over Gujarat-based chemicals producer Laffans Petrochemicals, and has also taken the ownership of the company's 60 kilo tonne ethylene oxide derivatives facility at Ankleshwar.  Though Laffans is a BSE-listed company, and the acquirer Huntsman is traded on the NYSE, both the parties did not reveal the financial details of the deal.

The $9-billion Woodlands, Texas-based Huntsman is a global manufacturer and marketer of differentiated chemicals to industries such as chemicals, plastics, automotive, aviation among others.

Huntsman India has its facilities at Navi Mumbai and has been having a technical collaboration with Laffans for the past two years. India contributes to a little over 3% of its global revenue of $9.2 billion in 2010.

Laffans set up in 1994 to manufacture ethylene oxide derivatives had revenues in excess of $50 million in 2010. The Ankleshwar plant was set up under technical assistance from Reliance Industries and is in proximity to the Hazira plant of Reliance. The unit operates the largest loop reactor in the country and its glycol ethers and acetates unit has a capacity of 30,000 tonne per annum.

The Ankleshwar plant of Laffans produces speciality intermediates for use in agrochemicals, household and personal care products, oil and gas applications and automotive lubricants and brake fluids.

Post-deal, the chemicals business of Laffans becomes an integral part of Huntsman Performance Products, giving the division its first dedicated production plant in the country, Huntsman said in a release.

On Monday, Laffans Petrochemicals ended 19.84% up at Rs30.50 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.45% to 19,701.73.

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MMTC invites bids for supply of urea

MMTC has invited bids for the supply of 2,500 tonnes of technical grade prilled urea for industrial use

Trading firm MMTC has invited bids for the supply of 2,500 tonnes of technical grade prilled urea for industrial use.

Bids will close on 7th April and a decision on awarding the tender will be taken on the same day, MMTC said on its website. The bids are to be submitted through electronic mode, it added.

The company said out of the total consignment, 2,200 tonnes of urea is to be discharged at Nava Sheva port near Mumbai, 200 tonnes at the Mundra port in Gujarat and 100 tonnes at the Inland Container Depot (ICD) in Tughlakabad.

The shipment period for the consignment is April-May 2011 and the origin of the urea is to be indicated by the bidder, it added.

Technical grade urea is used in the production of glue used extensively in the particle board industry. It is also used to produce coatings for metal, paper, textile and leather finishing. It also finds applications in the pharmaceutical, healthcare and cosmetic industries.

On Monday, MMTC ended 2.52% up at Rs958.35 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.45% to 19,701.73.

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Bajaj Auto March sales up 12% to 3,07,738 units

Bajaj Auto has clocked a 12% jump in sales in March this year to 3,07,738 units from 2,74,277 units in the same month last year

The country's second largest two-wheeler maker Bajaj Auto (BAL) said it clocked a 12% jump in sales in March this year to 3,07,738 units from 2,74,277 units in the same month last year.

The company's exports went up 7% to 69,884 units in March this year from 65,134 units in March 2010, BAL said in a statement.

The company had sold 2,74,389 units of motor-cycles in March, as against 2,44,870 units in the same month last year. Its Pulsar and Discover brands contributed 71% to total sales.

BAL reported a rise of 14% in three-wheeler sales in March to 33,349 units from 29,345 units in the same month last year. The company has already scaled up its three-wheeler capacity to 45,000 per month, it said.

On Monday, BAL ended 0.13% down at Rs1,457.65 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.45% to 19,701.73.

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