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SAM on $19m Tata Chemicals buy in Allied Silica

“Tata Chemicals on Sunday said it has signed a pact with Allied Silica Limited to acquire its precipitated silica business for Rs 123 crore on a slump sale basis. The deal is expected to be closed within three months, the company said in a release. The acquisition is a part of the Rs 295 crore investment approved by the board in February last year, towards this specialty business,” reported Mint.

Shardul Amarchand Mangaldas partners Abhishek Guha and Dorothy Thomas, senior associate Anwesha Haldar, principal associate Aniruddha Ghosh and associate Shruthi Lakshmi acted for Tata Chemicals.

A K Mylsamy & Associates acted for Allied Silica.

“Tata Chemicals Limited will be acquiring the precipitated silica business of ASL, by way of slump sale pursuant to a business transfer agreement as a part of TCL’s journey to build technologically enabled, differentiated businesses, with greater customer centricity, by leveraging its core strengths,” according to SAM’s press release.

“According to a stock-exchange filing, Tata Chemicals will also take over the company’s manufacturing unit at Cuddalore, Tamil Nadu. The deal value will, however, be subject to meeting certain conditions and milestones,” according to VC Circle.

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