India's Indo Borax to Acquire Kronox for Rs 246 Crore

en.Wedoany.com Reported - Indo Borax and Chemicals is acquiring a 64.26% controlling stake in Vadodara-based listed specialty chemicals company Kronox Lab Sciences for a total consideration of Rs 246.12 crore. Indo Borax, along with its promoter Zenrock Chemicals Private Limited, has signed a share purchase agreement (SPA) with the promoters of Kronox Lab Sciences to execute the acquisition.

Under the agreement, Indo Borax will acquire 23,844,000 equity shares of Kronox Lab Sciences, each with a face value of Rs 10. The transaction is expected to be completed within three months of signing the SPA. A public announcement will follow the acquisition. The Indo Borax board has approved an open offer, along with Zenrock Chemicals as a person acting in concert (PAC), for up to 9,570,000 additional equity shares, representing 25.79% of Kronox Lab Sciences' share capital.

Indo Borax, a manufacturer of boron-based chemicals, gains access through this transaction to a specialty chemicals company with established manufacturing and export operations, thereby strengthening its push into expansion, diversification, and higher-margin products.

Suresh Kalra, Managing Director and CEO of Indo Borax Chemicals Ltd., stated that the company is embarking on a new chapter dedicated to creating value for stakeholders through expansion, diversification, premiumization, and margin enhancement, and that the acquisition of Kronox Lab Sciences is a strategic step toward advancing these stated objectives. Kronox's rich experience and export business will strengthen the product portfolio, and synergies will help consolidate margins in the future. The company looks forward to working with the Kronox team on a promising journey together.

Ketan Ramani, Promoter and Director of Kronox Lab Sciences Ltd., commenting on the acquisition, expressed gratitude to investors, employees, and all stakeholders for supporting the company in building a reputed and growth-ready enterprise. Co-founders Pritesh Ramani and Jogindersingh Jaswal have continuously expanded the possibilities, and the company has collectively experienced a rich journey—from inception, expansion, and public listing to today. This acquisition marks the beginning of a new era for Kronox. The company is ready to aim for bold goals, accelerate growth plans with Indo Borax, expand its product portfolio, and explore new avenues. Kronox looks forward to collaborating with the Indo Borax team and Zenrock Chemicals and will provide transition support post-acquisition.

Since its establishment in 2008, this specialty chemicals company has expanded across multiple manufacturing sites in Gujarat and was listed in 2024. This acquisition marks a new phase in its nearly two-decade-long promoter-led growth trajectory. The founding promoters—Jogindersingh Gianchand Jaswal, Ketan Vinodchandra Ramani, and Pritesh Vinodchandra Ramani—have led Kronox's manufacturing, technology, quality, and commercial operations since the company's inception.

Upon completion of the transaction, Kronox's existing promoters will retain a 9.95% stake and will provide transition support to the company post-acquisition. This acquisition combines Indo Borax's established position in boron-based chemicals with Kronox's specialty chemicals portfolio, manufacturing capabilities, and export operations, creating a platform for product expansion and margin-driven growth.