Date: August 20, 2026

Transaction Details

Indo Borax & Chemicals Limited, along with its promoter Zenrock Chemicals Private Limited, has signed a Share Purchase Agreement to acquire a 64.26% stake in Kronox Lab Sciences Limited (BSE: 544187; NSE: KRONOX).

Acquisition Structure

  • Indo Borax will acquire 2,38,44,000 equity shares of Kronox Lab Sciences (face value ₹10 each)
  • Aggregate consideration: ₹246.12 crore
  • Open Offer approved for acquisition of up to 95,70,000 additional equity shares, representing 25.79% stake
  • Zenrock Chemicals will act as Person Acting in Concert (PAC) for the Open Offer
  • Indicative completion timeline: Three months from date of SPA signing
  • Post-transaction, erstwhile promoters of Kronox will retain 9.95% stake and provide transition support

Management Commentary

Suresh Kalra, Managing Director and CEO, Indo Borax Chemicals Ltd.

Commented that this marks the beginning of a new chapter for the company and aligns with their commitment to create value through expansion, diversification, premiumisation, and margin improvement. Stated that the acquisition is a strategic move toward these objectives, noting that Kronox's rich experience and export presence will strengthen their offerings, and synergies will help fortify margins going forward.

Ketan Ramani, Promoter and Director, Kronox Lab Sciences Ltd.

Expressed gratitude to investors, employees, and stakeholders for building a reputed and growth-ready company. Acknowledged co-founders Pritesh Ramani and Jogindersingh Jaswal for shaping possibilities through the company's journey from inception to expansion to public issue. Stated that joining hands with Indo Borax would enable Kronox to accelerate growth plans, expand product profile, and explore new avenues.

Company Profiles

Kronox Lab Sciences Limited

  • Incorporated in 2008, headquartered in Vadodara, Gujarat
  • Manufactures high-purity speciality fine chemicals including excipients, reagents, buffers and intermediates
  • Serves pharmaceutical, nutraceutical, biotechnology, agrochemical, scientific research, laboratory testing, metallurgy and personal care industries
  • Operates multiple manufacturing units in Gujarat
  • Markets portfolio of more than 185 products across domestic and export markets
  • FY2026 Financials: Revenue approximately ₹101 crore, Profit After Tax approximately ₹28 crore
  • Founding promoters: Mr. Jogindersingh Gianchand Jaswal, Mr. Ketan Vinodchandra Ramani, and Mr. Pritesh Vinodchandra Ramani

Indo Borax & Chemicals Limited

  • Established in 1980
  • India's leading manufacturer of boron-based chemicals and industry benchmark for Boric Acid
  • Only company licensed by FDA to manufacture Pharma Grade Boric Acid as per Indian Pharmacopoeia
  • Operates modern Boric Acid, Disodium Octaborate Tetrahydrate (D.O.T.), and Borax plant at Pithampur, Madhya Pradesh
  • First company in India to receive BIS license for manufacturing Technical Grade Boric Acid
  • Featured in Forbes Asia Pacific's Top 200 Under A Billion Dollar Public Companies (2023)
  • Recognized by The Economic Times for value-driven growth approach
  • Backed by over 28,000 shareholders