Archean Chemical Subsidiary Acquires Oren Hydrocarbons in Insolvency Auction
Idealis Chemicals, a subsidiary of Archean Chemical Industries, acquires Oren Hydrocarbons in an insolvency auction, expanding into specialized mud chemicals for the oil and gas industry.
by Damodharan N
Updated Jul 11, 2024
Table of Content
Archean Chemical Industries' subsidiary, Idealis Chemicals Private Limited, has successfully acquired Oren Hydrocarbons Private Limited in an insolvency auction. The acquisition, finalized under the provisions of the Insolvency and Bankruptcy Code, 2016, involved a total payment of INR 76,90,74,066.00.
Oren Hydrocarbons, a company specializing in high-quality specialized mud chemicals for the oil and gas sector, brings manufacturing facilities across Tamil Nadu, Andhra Pradesh, and Gujarat. This strategic move by Idealis marks a significant expansion aligned with Archean Chemical Industries' growth strategy.
The acquisition, approved by the Hon’ble National Company Law Tribunal (NCLT), Chennai Bench, underscores Idealis' commitment to expanding its footprint in the chemicals sector and leveraging synergies in specialized industrial solutions.
Read the official announcement Here
Get the NCLT Order Here
Archean Chemical Industries
Archean Chemical Industries Limited, a leading specialty chemicals manufacturer in India, distinguishes itself with an integrated facility producing Industrial Salt, Bromine, and Sulfate of Potash (SOP).
Known for its commitment to quality and sustainability, the company operates as a 'Green Organization,' minimizing environmental impact in its processes, particularly in converting Arabian sea brine to core products.
Recent strategic investments and expansions have bolstered its capabilities, including partnerships with Sojitz Corporation and India Resurgence Fund, enhancing production capacities and expanding export markets to countries like Japan, South Korea, China, Belgium, and Qatar
Idealis Chemicals
Idealis Chemicals Private Limited, incorporated on October 5, 2023, is a specialized chemicals manufacturing company based in Chennai, India. Despite being newly established, the company is actively preparing to begin commercial production.
It focuses on producing specialty chemicals and is headquartered at No. 2, North Crescent Road, T. Nagar, Chennai. Idealis Chemicals is a subsidiary of Archean Chemical Industries.
Oren Hydrocarbons
Oren Hydrocarbons Private Limited, established in India on July 20, 1990, specializes in manufacturing high-quality specialized mud chemicals, specifically lubricants and drilling fluids crucial for the exploration and development of oil and gas fields.
The company operates manufacturing facilities across Tamil Nadu, Andhra Pradesh, and Gujarat. Despite recording no turnover in the financial years 2022-23 and 2023-24, it reported a turnover of Rs. 56.73 lakhs in FY 21-22.
Archean Chemical Subsidiary Acquires Oren Hydrocarbons in Insolvency Auction - FAQs
1. What is the acquisition about?
Idealis Chemicals acquired Oren Hydrocarbons in an insolvency auction.
2. Why did Idealis Chemicals acquire Oren Hydrocarbons?
To expand into specialized mud chemicals used in oil and gas sectors.
3. How much did Idealis Chemicals pay for the acquisition?
Idealis Chemicals paid INR 76,90,74,066.00.
4. When was Oren Hydrocarbons established?
Oren Hydrocarbons was established on July 20, 1990.
5. Where are Oren Hydrocarbons' manufacturing facilities located?
Oren Hydrocarbons' manufacturing facilities are located in Tamil Nadu, Andhra Pradesh, and Gujarat.
6. What does Oren Hydrocarbons specialize in?
Oren Hydrocarbons specialize in Manufacturing high-quality specialized mud chemicals.
7. What is Archean Chemical Industries known for?
Archean Chemical Industries is known for Producing Industrial Salt, Bromine, and Sulfate of Potash.
8. When was Idealis Chemicals incorporated?
Idealis Chemicals was incorporated on October 5, 2023.
9. Where is Idealis Chemicals headquartered?
Idealis Chemicals is headquartered at No. 2, North Crescent Road, T. Nagar, Chennai.
10. What is Archean Chemical Industries' commitment to sustainability?
They operate as a 'Green Organization' to minimize environmental impact.