Coromandel International, a fertiliser maker, plans to acquire stake in
Gujarat based crop protection products company, Sabero Organics. The company is
likely to acquire 42.22 per cent stake in Sabero for about Rs 250 crore.
Coromandel will make an open offer to acquire another 31 per cent stake from
shareholders of Sabero, taking the total deal size to between Rs 400 and Rs 450
crore. It will fund the acquisition entirely from internal accruals.
Sabero which produces a variety of fungicides, herbicides, insecticides and
speciality chemicals, is setting up a Rs 75 crore plant in Dahej, Gujarat, for
production of Synthetic Pyrethroids. The company exports about 60 per cent of
its production and has four subsidiaries in Brazil, Argentina, Australia and
Europe.
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