8 December 2009, Ahmedabad – Media reports say that India’s Kiri
Dyes and Chemicals Ltd (KDCL), an Ahmedabad-based company engaged in the
manufacturing of organic dyes for cotton fabrics, has executed a purchase
agreement with DyStar Group, a German-based company in a similar space.
Reports say that as part of the agreement, the company will
acquire DyStar Group and its selective assets for an undisclosed sum but suggest
the deal size is somewhere in the region of £100 million (about $164 million).
KDCL has reportedly made the agreement through Kiri Holding
Singapore Pvt Ltd, a special purpose vehicle of the company. The acquisition is
subject to necessary approval from the government of Germany, said the company
in a filing to the Bombay Stock Exchange.
DyStar Group claims about 21% market share in dyes and
pigments space globally. It supplies products to companies across sectors
including apparel, hosiery and automotive.
It has presence across 50 countries globally with employee strength of
3,500 people.
Source: VCCircle.com
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