M&A

M&A

Ester Industries sells engg plastics biz to Italy's Radic for Rs.289-Cr

Press Release   BSE Disclosure  

Publicly listed Ester Industries Ltd is to sell its engineering plastic business to Italy-headquartered Radici's Indian unit, INR 289.33 crore. The all cash deal was advised by Singhi Advisors. As part of the deal, Ester Industries will sell its newly built production plant at Halol (Gujarat) as well as compound lines, R&D laboratories, customers/suppliers contracts of its leading brand Estoplast. The business being sold includes different types of compounds used primarily in the electrical, electronic and telecommunications markets. This divestment is expected to allow Ester to focus on the core businesses of Polyester Films and Specialty Polymers.