India-based speciality chemicals firm Dorf-Ketal Chemicals is in advanced discussions with private credit lenders to secure around $500m as part of a broader financing package to acquire a private equity-owned European peer, according to a report by Reuters.
The Mumbai-headquartered company, which supplies process chemicals and additives to oil refiners, is aiming to finalise term sheets with lenders within the next month or two, while negotiations on bond pricing remain ongoing. The identity of the target company and the private credit funds involved have not been disclosed.
If completed, this acquisition would be Dorf-Ketal’s largest to date, signalling a significant step ahead of its planned initial public offering. The firm filed draft papers for a INR50bn ($583.5m) IPO in January this year.
