Tata Chemicals acquires GCIP for $1 billion
Feb 01, 2008
Mergers and Acquisitions
Ratan Tata looks to be on a buying spree as another company from his stable, Tata Chemicals Ltd took over US based soda ash-maker General Chemical Industries Products Inc (GCIP) for $1.05 billion (approx Rs 4,000 crore).
The company, which was at the # 3 spot among manufacturers of soda ash now jumps to # 2 with a combined production capacity of almost 5.5 MTPA (Million Tonnes Per Annum), trailing another US based company, FMC Chemicals.
The company’s share price however, tanked from it’s previous closing of around Rs.328 to Rs. 305 at close, a drop of over 7%.
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