Advanced Enzyme Technologies Takes Over Scitech Specialties, Buys 51 Percent Stakes
Advanced Enzyme Technologies is all set to acquire SciTech Specialties Private Limited (SSPL) for $316.26 million. On December 26, Board of Advanced Enzyme Technologies approved to invest an amount of around Rs. 31.62 crore by ways of subscription the issue of 492,630 equity shares of SciTech Specialties (SSPL). These may be offered on private placement / preferential issue basis by SSPL aggregating to the total shareholding of 520,408 Equity Shares and a control of 51% majority stake. It also agreed to authorization for the signing of Shareholders’ Agreement and Share Subscription. On completion of the mentioned investment, SciTech Specialties Private Limited will become subsidiary of Advanced Enzyme Technologies.
SSPL is a technology based, technocrat owned and managed manufacturing company specializing in effervescent granules and tablets. SSPL has two manufacturing facilities for pharmaceuticals and nutraceuticals. It is a major supplier of Efferceutical and Solugran products in countries major markets of South East Asia, India, MENA, USA, Eastern Europe, Canada, and Australia.
Advanced Enzyme Technology says expanding the business from B2C is the main motive behind the acquisition. According to Advanced Enzyme Technology says SSPL has important applications in Human Health, Food and Animal nutrition, which are the three most important verticals of advanced technology. SSPL would open avenues for sales to the existing customer base of AETL and provide new delivery systems for their existing products.
The company aims to complete the acquisition procedures by January 31, 2021.
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