Tata Chemicals has signed up definitive agreements in order to acquire a US-based chemical company, General Chemical Industrial Products Inc. (GCIP) for around Rs 4,000 crore ($1,005 million).
Harbinger Capital Partners is the majority owner of GCIP.
The deal is conditioned on the receipt of shareowner and other regulatory commendations.
GCIP is a major soda ash manufacturer in the USA. It has a capacity of 2.5 million TPA of Natural Soda Ash. Its manufacturing plants are situated at Green River Basin in Wyoming, USA.
The administration on Wednesday liberalized the foreign direct investment (FDI) cap in seven major economic segments comprising public sector oil refineries, whereas allowing foreign investment in segments including commodity exchanges and credit information companies (CICs).
In the case of petroleum refining by PSUs, the Union Cabinet has sanctioned raising the equity cap to 49% (from the existing 26%) with former FIPB authorization. But, it does not ideate weakening in the subsisting PSUs.
In case of trading and marketing of petroleum products, the Cabinet has relinquished an essential condition of divestment of up to 26% with Indian partner/public within five years.
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Tata Chemicals has signed up definitive agreements in order to acquire a US-based chemical company, General Chemical Industrial Products Inc. (GCIP) for around Rs 4,000 crore ($1,005 million).
Chennai
Jan 29: Union Health Minister Anbumani Ramadoss on Tuesday said that p
