Hinduja Ventures to acquire IDL Speciality Chemicals

MUMBAI: Hinduja Ventures on Saturday said its board has approved the acquisition of pharma firm IDL Speciality Chemicals and also decided to enter into an MoU to that effect.

In a filing to the Bombay Stock Exchange the company said its board has given its in-principle approval to acquire all the shares of IDL Specialty Chemicals Ltd and to enter into a Memorandum of Understanding (MOU) to that effect.

Upon acquisition of the shares, pursuant to the above MOU, IDL Speciality Chemicals shall become a subsidiary of Hinduja Ventures, the filing added.

No further details regarding the acquisition was disclosed by the company.