Camlin Fine Chemicals’ board of directors OK Italian acquisition
Camlin Fine Chemicals has been given the green light from its board of directors to acquire an unnamed Italian fine chemicals manufacturer and form a subsidiary company to help boost its presence in the Middle East.
The Indian active pharmaceutical ingredient (API) maker told Bombay Stock Exchange (BSE) that during a meeting held on November 22, 2010, its board of directors approved a proposal to acquire the Italian firm through its wholly owned subsidiary to be set up in Mauritius.
In the meeting the board also approved formation of a subsidiary Company in the United Arab Emirates (UAE) which Camlin hopes will further establish its business through Middle Eastern regions.
