Mumbai: Pharma packaging material maker Ess Dee Aluminium Ltd is in talks to acquire Vedanta Resources Plc’s foils business, India Foils Ltd, a company official said on 29 August here.
“We are in talks,” Director Ajay Doshi told Reuters. “We have to evaluate our position.”
Ess Dee was on the lookout for acquisitions in India and Europe, Chairman and Managing Director Sudip Dutta said last week, adding due diligence had begun on an Indian firm, but had declined to identify it.
The company would use the Rs810.8 million that it raised by selling a 5% stake to Morgan Stanley for the acquisition, he had said.
Vedanta officials were not immediately available for comment.