Archean Chemical Industries Limited has announced that the entire sale consideration of Rs. 76.90 crore has been paid and the liquidator has issued the sale certificate dated 22.02.2024 under the provisions of Insolvency and Bankruptcy Code, 2016 and its regulations in force, in favour of Idealis Chemicals Private Limited, a wholly owned subsidiary of Archean Chemicals India Limited.

Idealis Chemicals Private Limited, will be filing the necessary application with the Hon'ble NCLT, Chennai bench for appropriate approval.

Idealis Chemicals Private Limited was declared as the successful bidder for acquiring Oren Hydrocarbons Private Limited as a going concern in the auction conducted by the liquidator Mr. Radhakrishnan Dharmarajan, on 21st December 2023 in terms of the Insolvency and Bankruptcy Code, 2016.