The Strange Case of Rs66,000 Crore Valuation of a Little-known Chemical Firm, Ramcharan & Co
Moneylife Digital Team 03 December 2021
In what would be, perhaps, biggest deal in Indian chemicals sector, the US-based TFCC International has bought a 46% stake in Chennai-based Ramcharan Company Pvt Ltd. The deal values the Chennai-based chemicals distributor at around US$9 billion. Ramcharan Company is headed by third-generation entrepreneurs Divyesh and Kaushik Palicha.
Ramcharan claims to be into 'deep-tech, end-of-life chemicals' like converting unsegregated waste into energy and new-generation energy storage devices. The company was established in 1965 as a partnership firm selling raw materials. At present, its core business is focused on distribution of chemical products like rubber and carbon black required in automotive, industrial goods, infrastructure and consumer goods business. 
In a joint release, TFCC and Ramcharan say, "The investment will be with a horizon of five to seven years, and the first round would close by January 2022. The money will be deployed in environment-to-energy management systems and renewable energy devices with high storage capacity that are made from sodium silicate."
The technology used by Ramcharan claims to leave zero toxic residue and can convert all types of unsegregated waste into energy. 
Chris Curtis, chairman of TFCC, told reporters that only Ramcharan has the technology to make cutting-edge products for reducing pollution. “We believe that Ramcharan’s products in the waste to energy field and the new generation of energy storage devices will help the environment in a significant manner.”
However, there is no information in the public domain about the business of either TFCC International or Ramcharan. TFCC International’s website has no details of who runs it, what is the size of the fund and what its investments are. The website, which has just a few pages of information, has several vague videos on climate change and generic claims such as “Our Impact Opportunities Fund is focused on the advancement of new renewables globally and innovation in climate aligned technology to accelerate the transition to Net-Zero.” 
In fact, shorn of all the bombast and verbiage, the only semblance of hard information in the site is its so-called investment focus: “We predominantly invest in real assets across real estate, infrastructure, renewable power and private equity.” 
Interestingly, as Business Standard reported, TFCC India office has the same address as Ramcharan. A Google search reveals no information about TFCC’s activities except this one eye-popping mega deal.
The website of has information about the product it trades in and no information about the revolutionary new technology it has come up with. Several links in the website do not open.
Ramcharan & Co has a trading presence in UK, north America and Japan. With the initial funding from TFCC, the company will set up two manufacturing plants in Tamil Nadu and Gujarat it claims. 
According to the joint statement, at present the Chennai-based company has orders of around an unbelievable figure of US$9 billion and is looking at higher sales from three years to the sixth year of their production, taking up the expected revenue to US$40 billion from the fourth year! 
2 weeks ago
Why did Chris Curtis not make any video appearance on the media? Tfccgroups website has three more websites no contact information but only a contact form. if you submit the contact form a person by name vasileious kararizos responds (cell no. +30 6939552617), 2. This website doesn't work at all... 3. This website does have contact details but again similar number +306907905260.. Searching on internet you will find K V... Possibly the same first guy. This guy contacts you and asks you to form a holding company and says of investing huge amounts through Sovereign Bonds. COntact persons of all these companies, I mean at least the mails ids, are the same...1. vasileious kararizos ([email protected] & [email protected]), Dr. Basil ([email protected]), Ananya Nag ([email protected]), F Curtis Cherry iii ([email protected])... They arn't on linkedin, even if they endorsements, very few contacts, poorly written page. All the websites are very poorly written. Possibly these guys arn't on Facebook either, I haven't checked though. All these companies are formed recently and have been changing names often.... What the hell is this?... dosen't seem to be normal. ... If this is all genuine, then we got a great deal... Aah!... Forgot to mention, this guy VK is from Greece, speaks good english and writes lengthy emails.. Let all the Indians know this, Government guys take necessary action, if required, media do their job well on this.
4 weeks ago
When something sounds too good to be true, it almost always IS too good to be true.
2 months ago
is it a listed company?
2 months ago
As alluring as this investment is for TN & India, the govt & RBI must investigate this investor properly, so that there is no back door entry for funnelling in laundered money. If the investor is genuine, let us welcome them with open arms and give them the red carpet treatment. Let India not be taken for a ride by unscrupulous entities to take advantage of our open investment policy...
2 months ago
Most probably it is round tripping or money laundering or some big politicians are behind this. RBI should not allow this FDI before making serious enquiries about the bonafides of this investment as it will be free of any capital gains tax.
2 months ago
feudal petty sovereign may be cursing Modiji pep to unicorn to attract FDI on unbelievable terms
vilas k
2 months ago
Round trip?
2 months ago
The CEO of TFCC seems to be a woman by the name of Ananya Nag, an engineering graduate from Anna University in Chennai.
2 months ago
Money laundering
Kamal Garg
Replied to GAURAV MILIND BHANDARKAR comment 2 months ago
Yes, looks like a fit case of round-tripping / money laundering. Or a simple case of spreading/hooking other business community/stock exchanges like what happened in case of Yes Bank who till the end, kept on informing that some white knight is coming there to invest a large sum of money which never came.
2 months ago
Seems a new con in town!!!
2 months ago
Ttml listed in nse and bse valued 30000 crore despite negative book value of 15000 crore.share moved up just under rs.2 to 130 news or information .continue to hit upper circuit.clear price rigging and manipulated. Need deep investigation ????
vilas k
Replied to ganesanjaicare comment 2 months ago
Read that funds are being invested in Ttml to make it a prime mover in digital world using Tata in name for confidence building. don\'t think it\'s a sca
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