Ahmedabad, Apr 10 (UNI) Germany-based CABB has entered into an agreement to acquire majority stake in Ahmedabad's Karnavati Rasayan, one of the leaders in Asia in manufacturing and sales of Mono Chloro Acetic Acid (MCAA) and Sodium Mono Chloro Acetate (SMCA).
CABB, headquartered in Sulzbach, Germany, produces MCAA and a range of specialty intermediates that find application in PVC, pharmaceutical, agro-chemical and personal care industries.
Addressing reporters here, CABB CEO Ruud de Boer said our Company is a leading producer of sulphur and chlorine-based specialty intermediates with a strong presence in Europe, North America and South America.
''We are very pleased with the strategic alliance with Karnavati considering their presence in Asia and domestic markets. Their highly experienced team is strengthening our belief that we have found the right partners to bring CABB forward,'' he said.
''With Karnavati, we create a platform for further growth into the Asian market with MCAA, SMCA and with CABB's specialty intermediates portfolio. We will invest in safety, quality and in doubling the MCAA capacity up to 35.000 tons,'' Mr de Boer informed.
The consolidated sales of CABB are around 300 million, of which over 40 per cent are in specialty intermediates.
''Karnavati has never looked back in its growth plan since its inception and its dream to become number one in the world in MCAA business has come true by making the strategic alliance with CABB.
We were looking for a group having state-of-the-art technology and ethical mindset which we have found in CABB,'' Karnavati Rasayan Managing Director and founder Kirit Gajera said.
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