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Reliance bids to acquire South Korean petrochemical firm
NEW DELHI: Reliance has emerged as the frontrunner to acquire KP Chemicals that has a book value of over $700-800 million and annual sales of $1 billion, said The Economic Times. The exact value of the Reliance bid is not known.
Quoting investment banking sources, the daily said Reliance Industries stands a good chance of winning the bid.
"If this turns out to be the case, it will be the first instance of a foreign direct investment into South Korea from India," it said, adding the deal will also mark Reliance's maiden overseas acquisition.
Apart from Reliance, the Japanese major Mitsubishi Corp and South Korean financial investor Young An are in the fray.
The deal is likely to be concluded in three to four weeks at a significantly lower value to the book value since the debt ridden company is currently owned by the creditors of its parent company, Kohap Petrochemicals.
KP Chemicals, currently in the midst of a restructuring programme initiated by the lenders, has been spun off from Kohap Petrochemicals, the daily reported.
"The acquisition will enable Reliance Industries to gain a foothold in China since the South Korean company is exporting to that country in a major way," it said. Reliance has recently opened a representative office in Shanghai.
Source: IANS