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.
In early trading (11:03 am), the company’s shares declined 3.01% to trade at Rs 319. The total volume of shares traded was 27,539 at the BSE.