Belgium based global chemical leader, Solvay group, has agreed to divest its 62.36% stake owned in publicly traded Sunshield Chemicals, an Rs 2 bn revenue company engaged in the business of surfactants, ethoxylation and antioxidants, to Mumbai based Indus Petrochem for an enterprise value of Rs 2 bn.

Indus Petrochem is engaged in the business of oleochemicals. The company distributes products of global chemical companies including Solvay, P&G (Procter and Gamble), Shell etc and has a strong distribution network in the country.

Solvay acquired this business in 2012 from Amit Choksey Group and has decided to divest this business by sale of 62.36% stake to Indus Petrochem in line with their global business strategy.

Singhi Advisors, a homegrown global Investment Banking firm was the exclusive Strategic and Financial advisor to this transaction.