Ways2Capital Reviews : S H Kelkar Acquires VNCC

The share of S H Kelkar soared by over 3% during Wednesday’s trading session after the company informed that its board has approved the acquisition of VN Creative Chemicals Pvt Ltd (VNCC).

VNCC is into the business of aromatic chemicals and has acquired MIDC leasehold land at Mahad in Maharashtra along with manufacturing facility constructed thereon for a consideration of Rs 13.59 crores.

The purpose of the acquisition is to acquire control of land and manufacturing facility (including plant and machinery) owned by VNCC. This investment is a part of the earlier envisaged strategic cost-saving initiative in the overseas Fragrance division, which allow the company greater flexibility in backend manufacturing operations and leverage its existing presence in a low cost and high quality centre like India.

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