Tata Chemicals cancels deal with Unnati Inorganics
New Delhi: Tata Chemicals on Thursday announced cancellation of a deal to acquire Unnati Inorganics Pvt. Ltd’s precipitated silica operation due to “non-fulfilment of certain conditions”.
“The company has cancelled the transaction in view of the non-fulfilment of certain condition precedents set out in the agreement,” it said in a BSE filing.
Tata Chemicals said it had signed a business transfer agreement (BTA) with Gujarat-based Unnati Inorganics for acquiring a precipitated silica operation on a slump sale basis for a consideration of Rs34.20 crore.
The cancellation of the deal, however, does not affect the execution of its proposed project with an investment of Rs295 crore for manufacturing of precipitated highly dispersible silica, it added.
Shares of Tata Chemicals fell by 2.20% to settle at Rs599.15 apiece on BSE on Thursday.