Blackstone to take over 63% in Gharda Chemicals
Sep. 11, 2009
Earlier reports have also said that the likes of Godrej Industries, United Phosphorus and Israeli firm Makhteshim Chemical Works, which is one of the main customers of Gharda, are also in the race. Blackstone is said to have made the highest bid till now.
Gharda is involved in supply of agrochemicals, dyes and intermediates and industrial polymers. It has four plants and was formed by Gharda, a veteran chemical scientist now, in 1965. The money from the sale will flow into Abaan and Keki Gharda Memorial Trust. Godrej Industries also has a 6.6% stake in Gharda Chemicals.
Gharda had revenues of Rs 722 crore for FY08 according to its website, of which Rs 390 crore came from exports.
Blackstone had late last year invested $50-80 million in Hyderabad-based seed maker Nuziveedu Seeds Ltd for a minority stake. Its other portfolio firms include CMS Computers, Gokaldas Exports, Intelenet Global, among others.
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