Apicorp offloads 12% stake in ACBC to India’s Aditya Birla Group

Aditya-Birla-GroupArab Petroleum Investment Corporation (Apicorp), the multilateral development bank of the Organisation of Arab Petroleum Exporting Countries (Oapec) has started its disinvestment plans and has decided to sell its 12 per cent stakes in Egypt-based Alexandria Carbon Black Company (ACBC) founded in 1993, to India based Aditya Birla Group which owns majority stakes in the firm.

The board of Arab Petroleum Investment Corporation has already approved the move in its meeting held on December 26, 2010.

Apicorp Chief Executive and General Manager Ahmad Bin Hamad Al Nuaimi said, "The agreement is further evidence of the rapid divestment potential of our investments. Hence, this sale is part of an investment strategy to redeploy funds for diversification into new midstream sectors."

Santrupt B Misra, the Chief Executive of Aditya Birla Group's carbon black business, acknowledged the role of Apicorp in the growth of ACBC and hoped that both firms will continue to improve their relation in the coming period as well.