D. Sundararajan, Managing Director, Cals Refineries
Cals Refineries has acquired the assets of the Hardt Group owned Cenco and Atas refineries in the US and Northern Cyprus for Rs 1,916 crore. Hardt will subscribe to Cals's equity shares (worth $7 million) on a preferential allotment basis and appoint two directors on the company's board. The acquisition was unanimously approved by the boards of directors of both the firms.
Cals plans to install the acquired assets in its current refinery project in Haldia, West Bengal. This is expected to enhance Cals's aggregate refining capacity to 200,000 barrels per day. Moreover, this deal is likely to position Cals as a prominent private sector petrochemicals company in India.
The deal is likely to provide Hardt with indirect access to India's rapidly growing energy market.