Tata Chem to buy US firm for $1 bn

Tata Chemicals Ltd on Thursday said it will acquire US-based General Chemical Industrial Products Inc for over $1 billion. The company said it has entered into definitive agreements for acquiring GCIP for $1.005 billion (approx Rs 4,000 crore).

GCIP is a leading producer of soda ash with a capacity of 2.5 million tonnes per annum with manufacturing facilities located at Wyoming, Tata Chemicals said in a filing to the Bombay Stock Exchange.

The US chemical company supplies essential raw materials used in the process of manufacturing range of familiar everyday products, such as glass, soap, powdered detergent, paper, textiles and even food. Tata Chemicals also said the transaction is subject to the receipt of stockholder and other regulatory approvals.