Indo Borax and Chemicals has agreed to acquire a 64.26% controlling stake in Vadodara-based listed speciality chemicals company Kronox Lab Sciences for an aggregate consideration of Rs. 246.12 crore.
This marks a major expansion move for the boron-based chemicals manufacturer.
Indo Borax, along with its promoter Zenrock Chemicals Private Limited, signed a Share Purchase Agreement (SPA) with the promoters of Kronox Lab Sciences for the acquisition.
Under the agreement, Indo Borax will acquire 2,38,44,000 equity shares of Kronox Lab Sciences, each with a face value of Rs. 10. The transaction is expected to be completed within three months of signing the SPA.
The acquisition will be followed by an open offer. Indo Borax’s Board has approved, along with Zenrock Chemicals as a person acting in concert (PAC), an offer to acquire up to 95,70,000 additional equity shares, representing a 25.79% stake in Kronox Lab Sciences.
The deal gives Indo Borax control of a speciality chemicals player with an established manufacturing and export footprint, strengthening its push into expansion, diversification and higher-margin products.
Commenting on the milestone, Suresh Kalra, Managing Director and CEO, Indo Borax Chemicals Ltd., said, “It's the beginning of a new chapter for us. We are committed to creating value for our stakeholders through expansion, diversification, premiumisation, and margin improvement. The acquisition of Kronox Lab Sciences is a strategic move towards furthering our stated objectives.
"Kronox's rich experience and export presence will strengthen our offerings, and the synergies will help us fortify our margins going forward. We look forward to working with the team at Kronox towards a promising journey ahead.”
For Kronox, the transaction marks a new phase after nearly two decades of promoter-led growth that took the company from its incorporation in 2008 to expansion across multiple manufacturing units in Gujarat and a stock-market listing in 2024.
Commenting on the acquisition, Ketan Ramani, Promoter and Director, Kronox Lab Sciences Ltd., said, "I would like to thank our investors, employees and all stakeholders for supporting us to build a reputed and growth-ready company. My co-founders, Pritesh Ramani and Jogindersingh Jaswal, have continued to shape the possibilities, and together we have had an eventful journey — from the inception to expansion to public issue and now here.
"Today marks the inception of a new innings for Kronox. It's time now to aim at audacious goals. Joining hands with Indo Borax would enable Kronox to accelerate its growth plans, expand its product profile, and explore new avenues. We look forward to working with Team Indo Borax and Zenrock Chemicals, and providing transition support post-acquisition.”
Following the transaction, Kronox’s existing promoters will retain a 9.95% stake and provide transition support to the company after the acquisition.
The founding promoters—Jogindersingh Gianchand Jaswal, Ketan Vinodchandra Ramani and Pritesh Vinodchandra Ramani—have led Kronox’s manufacturing, technical, quality and commercial operations since its incorporation in 2008.
The acquisition brings together Indo Borax’s established position in boron-based chemicals with Kronox’s speciality chemicals portfolio, manufacturing capabilities and export presence, potentially creating a broader platform for product expansion and margin-led growth.
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