Indo Borax & Chemicals said on 20 August that it had signed an agreement, together with promoter company Zenrock Chemicals, to acquire 64.26% of Vadodara-headquartered Kronox Lab Sciences for INR 246.12 crore.
Why Indo Borax & Chemicals Ltd (with Zenrock Chemicals) is buying Kronox Lab Sciences Limited
Indo Borax said Kronox's experience and export presence would strengthen its offering and that synergies would help fortify margins, as part of a strategy of expansion, diversification and premiumisation.
“The acquisition of Kronox Lab Sciences is a strategic move towards furthering our stated objectives.”
Deal terms and financing
Indo Borax will acquire 23,844,000 shares of INR 10 face value for INR 246.12 crore. With Zenrock as a person acting in concert, it launched an open offer for up to 9,570,000 shares, or 25.79%, with aggregate consideration of up to INR 150.51 crore if fully accepted. The founding promoters will retain 9.95%.
Regulatory approvals and timing
The share purchase is expected to complete within about three months of signing; the open offer's tendering period runs from 15 to 29 October 2026.
Market context
Kronox, incorporated in 2008 and listed in 2024, makes more than 185 high-purity speciality fine chemicals and reported FY2026 revenue of about INR 101 crore and net profit of about INR 28 crore. Indo Borax makes boric acid and borax at Pithampur in Madhya Pradesh.
