Brenntag to acquire controlling stake in Indian oil company

German specialty chemicals distributor Brenntag AG will form a joint venture with an Indian distributor of specialty oils, Raj Petro Specialities Pvt. Ltd.

Raj Petro distributes petroleum-related products, including transformer oils, to diverse industries in India and other countries in Asia Pacific, Africa and the Middle East, reports VC Circle.

Brenntag will buy a 65% in the first tranche which is expected to be closed by April 2018, and the remaining 35% through the second tranche after five years.

The business will be operated as a joint-venture in the five-year interim period.

Source: VC Circle