Camlin Fine Chemicals’ board of directors OK Italian acquisition

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Related tags: United arab emirates

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.

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