Adani Wilmar advances its presence in specialty chemicals

Adani Wilmar Limited (AWL), one of the largest Food FMCG player in India and a leading player in Oleochemicals in the country, having largest Oleo-chemical plant of the Country in Mundra, has signed the share subscription and share purchase agreement to take a majority stake of 67% in Omkar Chemicals Industries Private Limited, a specialty chemicals Company. Omkar Chemicals operates a manufacturing plant in Panoli, Gujarat with an annual capacity of around 20,000 MT of Surfactants and is further adding capacity for other products as well. The entrepreneurs promoting Omkar Chemicals bring over 15 years of experience in the specialty chemicals manufacturing industry.

The specialty chemicals market presents a significant opportunity across diverse sectors such as home & personal care products, food additives, plastics & polymers, agrochemicals, and lubricants & petrochemicals. AWL currently operates in this sector through third-party manufacturing and by importing from Wilmar's plants.

Mr. Saumin Sheth, the Chief Operating OƯicer of Adani Wilmar said "We are pleased to add these Specialty chemicals, which represent further downstream derivatization of our product portfolio. Through this acquisition, AWL will immediately establish a production footprint and capabilities that will allow us to better meet customer requirements. Downstream derivatization of our Basic Oleochemicals in select areas is a strategic focus for us, in line with the focus of our co-promoter Wilmar International which is the world's largest Oleo-chemical manufacturer. We aim to bring the diversified product portfolio of Wilmar and its associates to India to better serve our customers".

Shares of Adani Wilmar Limited was last trading in BSE at Rs. 334.20 as compared to the previous close of Rs. 335.00. The total number of shares traded during the day was 165228 in over 5673 trades.

The stock hit an intraday high of Rs. 336.60 and intraday low of 334.00. The net turnover during the day was Rs. 55343491.00.

Source : Equity Bulls

Keywords

AdaniWilmar INE699H01024 AWL EdibleOil Acquisition OmkarChemicalsIndustries