Deepak
Nitrite: to
buy Aryan Pesticides
Acquisition
scheduled to be completed by September end
Our Correspondent
The acquisition of APL fits in
totally with our plans. It will add breadth and
depth to our business. It will help us grow through
integration and will synergise with what we have
been doing. – Deepak C. Mehta, MD, Deepak
Nitrite
In A move aimed at enhancing its specialities chemicals
business, the Rs 200-crore intermediaries manufacturer
Deepak Nitrite (DNL), flagship of the Rs 800-crore
Deepak group of companies, has decided to acquire
agrochemicals specialities company Aryan Pesticides
(APL).
Deepak Nitrite has offered to buy out the entire
68.67 - per cent stake of APL's promoters for a
sum of Rs five crore, at Rs 15 per share. It has
also made a public offer at the same price on Wednesday
to pick up 20-per cent of APL's paid-up share capital,
amounting to around Rs 1.7 crore, Deepak C Mehta,
managing director, Deepak Nitrite, said.
The acquisition is likely to be completed by the
middle of September, Mr Mehta said, adding that
the company had decided to retain the entire APL
staff of 200 people, employed at its facility at
Roha in Raigad district of Maharashtra.
