Tata Chemicals clarifies on acquisition buzz of Archean Group's industrial salt unit; Stock settles 4% higher

On Sensex, Tata Chemicals stock ended at Rs542.30 per piece up 3.72%.

Jan 13, 2021 11:01 IST India Infoline News Service

Tata Chemicals on Wednesday clarified over a buzz which claimed that the company plans to acquire the industrial salt unit of Archean Group. On Sensex, Tata Chemicals stock ended at Rs542.30 per piece up 3.72%.

Stock exchanges had sought clarification from Tata Chemicals over a news article that appeared in The Economic Times titled "Tata Chemicals in advanced talks to buy debt-laden Archean unit."

As per the article, the Tata Group company is in advanced talks to acquire the industrial salt unit of Archean Group that could value the business at 4.5 billion rupees ($61 million) at a minimum.

Tata Chemicals clarified exchanges today by saying, "In this regard, we wish to clarify that the Company routinely assesses and evaluates growth opportunities in the ordinary course of its business. As such, we would like to state that at present there are no developments that would trigger a disclosure under Regulation 30 of the SEBI LODR Regulations."

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