Swan Energy (SEL) said on Sunday it intends to acquire a stake of more than 75% in Veritas (India), a petrochemicals and petroleum products manufacturing company, for Rs 260.35 crore.
The Mumbai-based firm has already acquired a 55% stake in Veritas for Rs 172.52 crore. It will acquire an additional 26% from public shareholders through an offer priced at Rs 126 per share, totalling to Rs 87.83 crore, SEL said in a regulatory update.
“The acquisition is in line with our strategy to diversify our geographical reach and businesses to gas and petrochemicals sectors. The acquisition will help us leverage Veritas’ sectoral connect to acquire gas for the second phase of expansion of our LNG complex,” Rishi Chopra, SEL spokesperson, said. “The operational expertise and globally integrated systems, processes and governance will create a great synergy for us and accelerate our journey to the next phase of growth,” he said.
Veritas (India) is a group company of Groupe Veritas, a diversified multinational business group with presence in international trade and distribution, infrastructure and logistics, alternate fuel and energy among others.
