Tata Chemicals issued a statement on 20-Dec-2010 that Brunner Mond which is Tata Chemicals' british arm has signed a binding agreement for acquisition of British Salt Ltd for 93 million pounds.
Brunner Mond is expected to raise 100% of the funds through the debt route. British Salt which has a 50% market share in the United Kingdom, produces pure dried vacuum salt. British Salt also owns brine wells with residual life of 50 years which Tata Chemicals said provides Brunner Mond with an opportunity to secure long term supply of brine.
Tata Chemicals' closing price on NSE was 373.85 on 20-Dec-2010.
