Mumbai, August 20, 2026: Indo Borax & Chemicals has agreed to acquire a 64.26% stake in listed speciality chemicals manufacturer Kronox Lab Sciences for ₹246.12 crore, marking a significant expansion of the boron chemicals maker into the broader speciality chemicals segment.
Indo Borax, along with its promoter Zenrock Chemicals, has signed a Share Purchase Agreement (SPA) with the promoters of Kronox Lab Sciences for the acquisition, the company said in a regulatory filing.
Under the agreement, Indo Borax will purchase 2.3844 crore equity shares of Kronox Lab Sciences, representing 64.26% of the company’s equity, at an aggregate consideration of ₹246.12 crore.
Following the acquisition, Indo Borax’s board has also approved an open offer for up to 95.70 lakh shares, representing a further 25.79% stake in Kronox. Zenrock Chemicals will act as a person acting in concert with Indo Borax for the open offer.
The acquisition is expected to be completed within approximately three months from the signing of the SPA, subject to applicable conditions and regulatory requirements.
If the open offer is fully subscribed, Indo Borax and Zenrock Chemicals could acquire a substantial majority stake in Kronox. The existing promoters of Kronox are expected to retain a 9.95% stake in the company and provide transition support following the acquisition.
Expanding into speciality chemicals
The acquisition gives Indo Borax access to Kronox’s portfolio of high-purity speciality fine chemicals, which includes excipients, reagents, buffers and intermediates used across the pharmaceutical, nutraceutical, biotechnology, agrochemical, scientific research, laboratory testing, metallurgy and personal care industries.
Kronox, headquartered in Vadodara, Gujarat, operates multiple manufacturing facilities in the state and has a portfolio of more than 185 products across domestic and international markets.
The company reported revenue of approximately ₹101 crore and profit after tax of around ₹28 crore in FY26.
Suresh Kalra, managing director and CEO of Indo Borax & Chemicals, said the acquisition would support the company’s objectives of expansion, diversification, premiumisation and margin improvement.
“Kronox’s rich experience and export presence will strengthen our offerings, and the synergies will help us fortify our margins going forward,” Kalra said.
For Kronox, the transaction marks a new phase following its expansion across multiple manufacturing units in Gujarat and its stock-market listing in 2024.
Ketan Ramani, promoter and director of Kronox Lab Sciences, said the partnership with Indo Borax would help the company accelerate its growth plans, expand its product portfolio and explore new markets.
Kronox strengthens Indo Borax’s speciality chemicals footprint
Kronox was incorporated in 2008 and has built a presence in high-purity speciality chemicals, with applications spanning several industries. Its export operations provide Indo Borax with an additional international market opportunity as the latter looks to diversify beyond its established boron-based chemicals business.
Indo Borax, established in 1980, is a manufacturer of boron-based chemicals, including boric acid, disodium octaborate tetrahydrate and borax. The company operates manufacturing facilities at Pithampur, Madhya Pradesh.
The acquisition is expected to combine Indo Borax’s manufacturing and distribution capabilities with Kronox’s speciality chemicals portfolio, export presence and product development expertise.
The transaction is also part of a broader trend among Indian speciality chemical companies to expand through acquisitions and diversify their product portfolios amid growing demand from pharmaceutical, agrochemical and other high-value industrial applications.