Kolkata: Tata Chemicals on Thursday said it has cancelled the transaction related to acquisition of Unnati Inorganics Private Ltd's precipitated silica operation due to "non-fulfilment of certain conditions".
The company, in May, had said that it signed a business transfer agreement with Unnati Inorganics located at Dahej in Gujarat, to acquire their undertaking of precipitated silica operation on a slump sale basis for a consideration of Rs 34.20 crore.
"In this regard, we wish to inform you that the company has cancelled the transaction in view of non-fulfilment of certain condition precedents set out in the agreement," Tata Chemicals said in a regulatory filing.
The cancelled acquisition was part of the Rs 295-crore investment approved by the Tata Chemicals board earlier in February 2017 for this business.
"The above (cancellation of transaction) decision does not affect the execution of the project with an investment of Rs 295 crore for manufacturing of precipitated highly dispersible silica as approved the Board of Directors... which is on track," the company added.
Updated Date: Aug 04, 2017 14:10 PM