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Fairfax to acquire 51% stake in Privi Organics

It has entered into a share subscription agreement with Privi Organics and a share purchase agreement with existing shareholders

TE Narasimhan  |  Chennai 

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Fairfax India Holdings Corporation is to acquire 51 per cent equity in Privi Organics, for Rs 370 crore ($55 million). It has entered into a share subscription agreement with Privi Organics and a share purchase agreement with existing shareholders.

The transaction is subject to customary closing conditions and is expected to conclude in the third quarter of 2016. Additionally, the boards of directors of Adi Finechem and Privi Organics have approved a scheme involving the two to build an Indian speciality chemicals entity, with both companies converting renewable waste feedstock into ...

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First Published: Thu, July 14 2016. 00:06 IST