Mumbai, Sept. 5: Solaris Chemtech, formerly Bilt Chemicals, has acquired 9.5 lakh shares of Crompton Greaves from Greaves Ltd in an in-house deal.
Solaris, which currently holds around 11 per cent in Crompton Greaves, said the deal was executed on Thursday.
The company did not reveal the price at which the deal was struck but added that another 9.5 lakh shares may be bought next week. Officials from Greaves Ltd were not available for comment on the reasons behind the sale.
Solaris Chemtech produces caustic soda, chlorine, hydrochloric acid, bromine and bromine chemicals, phosphoric acid and citric acid. It is the largest producer of bromine in the country with a 60 per cent market share and the largest manufacturer and exporter of technical grade phosphoric acid. The company’s three main businesses are bromine/ bromine chemicals, biochemicals, phosphates and chlor alkali.
Late last year, Bilt Chemicals became Solaris Chemtech. The company felt it had come a long way since it was a division of Bilt and therefore needed a new identity. Moreover, it wanted a global positioning and create its own space in the global chemical industry, which called for a new identity.
Crompton Greaves is into the business of manufacturing, marketing and operating turnkey projects over a portfolio that includes power systems, industrial systems, consumer products, networking and telecommunication equipment.