Indo Borax to Acquire Stakes in Kronox Lab Sciences

Indo Borax and Chemicals Ltd, along with its promoter Zenrock Chemicals Private Limited, has signed a Share Purchase Agreement (SPA) to acquire a 64.26% stake in Vadodara-headquartered speciality chemicals company Kronox Lab Sciences Ltd.

Under the SPA, Indo Borax will acquire 2,38,44,000 equity shares of Kronox, with a face value of INR 10 each, for an aggregate consideration of INR 246.12 crore.

Indo Borax’s board has also approved an open offer, along with Zenrock Chemicals as a person acting in concert, to acquire up to 95,70,000 equity shares of Kronox, representing a 25.79% stake. The acquisition is expected to be completed within three months of signing the SPA.

Suresh Kalra, Managing Director and CEO, Indo Borax and Chemicals, said the acquisition is aimed at supporting the company’s expansion, diversification, premiumisation and margin improvement plans. “Kronox’s rich experience and export presence will strengthen our offerings, and the synergies will help us fortify our margins going forward,” he said.

Kronox Lab Sciences was incorporated in 2008 by founding promoters Jogindersingh Gianchand Jaswal, Ketan Vinodchandra Ramani and Pritesh Vinodchandra Ramani. The promoters have led the company’s manufacturing, technical, quality and commercial functions and expanded its operations across multiple manufacturing units in Gujarat.

Kronox was listed on the stock exchanges in 2024. Ketan Ramani, Promoter and Director, Kronox Lab Sciences, said the transaction will enable the company to “accelerate its growth plans, expand its product profile, and explore new avenues.”

The transaction marks a new phase for Kronox as it joins hands with Indo Borax and Zenrock Chemicals. Kronox’s promoters will provide transition support following the acquisition.