Tata Chemicals Likely To Acquire Salt Unit of Archean Group
Tata group firm Tata Chemicals is in advanced talks to acquire the industrial salt unit of Archean Group. The unit has a production capacity of 3 million metric tons. The deal (if sealed) is likely to value the business at 4.5 billion rupees ($61 million) at a minimum. The board of Tata Chemicals is set to discuss the potential offer as soon as this month. The deal could offer a reprieve to Archean, which has been struggling to service its debt obligations for the past 2 years.
Archean’s marine chemical business got an investment of USD 156 million from India Resurgence Fund, a joint venture between Bain Capital and Piramal Enterprises Ltd in 2018.