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.

Avendus Capital was the exclusive advisor to Kanoria.

APAG Elektonik AG is active in the development and sale of electronic and mechatronic modules and control devices for the automotive, consumer goods, power tool electronics and building automation industries. The designing and engineering facility of the company is located in Switzerland, whereas the manufacturing facility is located in the Czech Republic under the umbrella of a wholly owned subsidiary APAG Elektronik s.r.o.

Kanoria Chemicals has been active in the business of manufacturing chemical intermediates for past five decades. It has two manufacturing facilities: One at Ankleshwar in Gujarat, which manufactures alcohol and alcohol based intermediates; and the other at Visakhapatnam in Andhra Pradesh, which manufactures formaldehyde and hexamine.

Last year in May, it sold off its chloro chemicals division together with power plant situated at Renukoot in UP and Salt Works at Gujaratto Aditya Birla Chemicals (India) Limited, for a cash consideration of R830Cr.

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KVEZAR VIEW

  DEAL TRACKER FOR

Date	Transaction	Type	Buyer	Size ($mn)
23/04/12	APAG Holding - Kanoria Chemicals	M&A	Kanoria Chemicals and Industries Limited	0.12

 

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  Profiles

Company
Name	Promoters	Office	Competitor	Website
Kanoria Chemicals and Industries Limited	Rajya Vardhan Kanoria	Park Plaza, 71 Park Street		http://www.kanoriachem.com

  Advisor

Avendus Capital Private Limited

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