Rossari Biotech Limited, a specialty chemicals manufacturer, told the media that it has agreed to acquire Tristar Intermediates Pvt Ltd for Rs 120 crore in multiple tranches.

Rossari Biotech said that the acquisition will occur in multiple tranches.

It will acquire a 76% equity stake of Tristar by September this year, as part of the first tranche, and the remaining will be acquired by the financial ending March 31, 2025.

As part of its inorganic growth plan, the acquisition is in line with Rossari Biotech's strategy to set its place in specialty chemicals manufacturing.

Tristar allows synergies in manufacturing and marketing that can be highly valued accretive in the long run.

Tristar is involved in the manufacture and trade of organic and inorganic chemicals and was incorporated on September 1, 1997.

It has three manufacturing plants with a capability of 15,000 million tonnes per annum (MTPA).

It had registered a turnover of Rs 110.5 crore in the last financial year 2020-21 against Rs 95.2 crore in the prior fiscal year.

Rossari Biotech announced last month that it will buy Unitop Chemicals Private for Rs 421 crore in an all-cash deal.

Marking its first initial public offering (IPO) since India went into a lockdown in late March to manage the pandemic, Rossari went public in July last year.

Before that, the company had raised Rs 100 crore by allocating shares to eight institutional investors in a pre-initial public offering (IPO) round.

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