Kanoria Chemicals & Industries Ltd is acquiring 90% stake in APAG Holding AG, the Switzerland based holding company of its wholly owned subsidiary APAG Elektronik AG, Switzerland for CHF 6.39Mn. The transaction is expected to be closed in May’2012 and is subject to customary closing conditions. It will be funding this transaction out of its internal accruals.
The balance 10% stake will be acquired by 2014 on the basis of a pre-fixed pricing formula. As a part of the transaction, Kanoria will also take over the loan amounting to CHF 1.30Mn provided by the selling shareholders to the group.