Swan Energy to acquire 75 per cent stake in Veritas India for Rs 2.60 billion

Swan Energy plans to acquire more than 75 per cent of Veritas (India), a manufacturer of petrochemicals and petroleum products, for Rs 2.6 billion. The Mumbai-based company has already paid Rs 1.72 billion for a 55 per cent stake in Veritas. It will acquire an additional 26 per cent stake from public shareholders at a price of Rs 126 per share, for a total of Rs 0.87 billion. The acquisition is consistent with their strategy to diversify their geographic reach and business operations into the gas and petrochemicals industries.