SVPCL Goes to SAT

The Hyderabad-based SVPCL Limited is one of the two companies (the other is Shyam Telecom) that...

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Karvy's Order Set Aside

In many ways, the decision was no surprise. After SAT set aside SEBI’s Rs116 crore disgorgement...

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Tata Chemicals arm to buy UK’s British Salt for 93 mn pounds

Mumbai: Tata Chemicals (TCL) today said its UK subsidiary, Brunner Mond, has inked an agreement to acquire British Salt Ltd for 93 million pounds (about Rs656.48 crore), reports PTI.

“TCL’s wholly owned subsidiary Brunner Mond, UK, has signed a binding agreement to acquire a 100% stake in UK-based British Salt Ltd, subject to requisite regulatory approvals,” TCL said in a filing to the Bombay Stock Exchange.

The acquisition will be financed entirely through debt, with no recourse to TCL, the filing added.

Pure dried vacuum salt manufacturer British Salt owns brine wells in the UK with a residual life of 50 years and is also active in the gas storage business. The buy-out will ensure long-term supply of brine for soda-ash manufacturer Brunner Mond’s operations, the filing said.

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