Sudarshan Chemical Industries Limited (SCIL) has officially completed the acquisition of the Global Pigment Business Operations of the Germany-based Heubach Group. This strategic move marks a significant expansion for the Indian specialty chemicals giant, strengthening its presence in the global pigments industry.
The acquisition was executed through SCIL’s wholly-owned Netherlands-based subsidiary, Sudarshan Europe B.V. (SEBV Europe), as per the definitive agreement signed on October 11, 2024. The deal, initially announced last year, was subject to regulatory approvals and customary closing conditions, all of which have now been met.
Deals Details
Under the agreement, Sudarshan Europe B.V. has acquired:
- The assets and business operations of:
- Heubach Colorants Germany GmbH
- Heubach GmbH
- Hans Heubach GmbH
- Heubach Group GmbH
- 100% shareholding in Heubach Holdings S.a.r.l., a Luxembourg-based company with investments in subsidiaries in India and the USA.
The acquisition was completed for a cash consideration of ₹1,160 crore (EUR 127.5 million). Additionally, SCIL has paid ₹268 crore (EUR 29.44 million) to cover adjustments for inventory, working capital, and VAT on asset transfers.
Heubach Group’s Market Position
Founded over 200 years ago, the Heubach Group became the world’s second-largest pigment player following its acquisition of Clariant’s BU Pigments in 2022. The company has a strong global presence, particularly in Europe, the Americas, and the Asia-Pacific region.
Over the last three years, the group reported consolidated revenues of:
- ₹8,358 crore (EUR 878.8 million) in 2023
- ₹10,172 crore (EUR 1,069.1 million) in 2022
- ₹10,835 crore (EUR 1,137.7 million) in 2021
Strategic Significance
The acquisition significantly enhances Sudarshan Chemical’s portfolio by integrating Heubach’s high-quality pigment products, expanding its customer base, and establishing a broader global footprint. The deal is expected to strengthen SCIL’s market positioning in specialty chemicals, particularly in organic and inorganic pigments, dyes, dispersions, and anti-corrosion pigments.
With this move, Sudarshan Chemical aims to leverage Heubach’s expertise and market reach, boosting its competitiveness in the global pigment industry
Regulatory Approvals & Timeline
SCIL confirmed that all required regulatory approvals have been secured, and the acquisition has been completed as per the timeline initially communicated in October 2024 and February 2025.