New Delhi: Ratan Tata has done it again. After buying UK's biggest steel-maker Corus and being the front runner in the race to acquire Jaguar and Land Rover of Ford, Tata's chemical wing has acquired US-based General Chemical Industrial Products.
The deal was sealed at over $1 billion.
Tata Chemicals will acquire the soda ash maker from Harbinger Capital Partners. This will make it world's second-biggest soda ash maker.
The transaction is subject to shareholder and regulatory approvals. Harbinger Capital Partners is GCIP's majority shareholder.
TCL managing director Homi Khusrokhan said, ''The acquisition of GCIP will lead to sizeable increase in TCL's global soda ash capacity, making it one of the largest soda ash producers worldwide. Over 50 per cent of this capacity will be from the natural route, which is a significantly more economical route of producing soda ash than the synthetic route.''
"This acquisition, together with its other global soda ash facilities, will give TCL a unique market position. The merger will provide TCL access to markets in North America, Latin America and the Far East which complement its existing markets," Khusrokhan said.
Khusrokhan outlined the advantages of the acquisition: "Capacities across continents, balanced portfolio with geographics, access to nat reserves, flexibilty in servicing customers, optimal delivery to customers, ability to enhance commodity downturns."
(With agency inputs)