Tata Chemicals Ltd. said its UK-based wholly owned subsidiary Bruuner Mond. had signed a binding agreement to acquire 100% stake in British Salt Ltd., UK, for 93 million sterling pounds.
The acquisition would be entirely debt financed with no recourse to Tata Chemicals, the company said.
This acquisition provides an opportunity to secure long term brine supplies for Brunner Monds Operations. Apart from the core business of Salt, British Salt is also active in the Gas Storage business and has a Promising business model which has a potential to generate additional cash flows for the business.
British Salt is a manufacturer of pure dried vacuum salt and enjoys a market share of 50% in UK. British Salt owns brine wells in UK with residual life of 50 years.
At the BSE, Tata Chemicals shares are being traded at Rs.374, up by 0.77% from the previous close.
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