Excel Industries Limited has announced that the likely date for completion of the acquisition of the chemical manufacturing unit of NetMatrix Crop Care Limited located at Plot no. 15 & 15A, APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh is on or before 30th September, 2019 subject to fulfillment of the conditions precedent.
At the meeting of the Board of Directors of Excel Industries Ltd held on Jun.27th, 2019, the Board had approved the acquisition as a going concern by way of slump sale.
The Business Undertaking is a chemical manufacturing unit in APSEZ, having the manufacturing plant for a pesticide intermediate.
The cost of acquisition is Rs. 95 crores (subject to working capital adjustments on Closing Date).