Sanjeev Agarwal, Group CFO of Jindal Poly Films feels the acquisition will be very positive for the company. "The capacity will go up from 210,000 tonne that we have for BOPP films today, to about 445,000 tonnes in addition to the BOPET films capacity of 127,000 tonnes we have," he told CNBC-TV18 in an interview.
The deal is an all-cash transaction and the funding has already been arranged by the company, adds Agarwal.
Below is the verbatim transcript of Sanjeev Agarwal's interview on CNBC-TV18
Q: Can you walk us through the deal, whether you are buying ExxonMobil's business? What you are paying for it? Is it going to be an all-cash deal?
A: This acquisition has been approved by the board on May 03, so we are going to acquire this company for a total purchase consideration of about USD 235 million and the transaction is expected to be closed by the end of July this year.
Q: Once the transaction is closed, what kind of immediate impact will it have for you, both in terms of increasing your capacity? How will be the flow-through for your revenues?
A: This will be very positive for our business. The capacity will go up from 210,000 tonnes that we have for BOPP films today to about 445,000 tonnes in addition to the BOPET films capacity of 127,000 tonnes we have.
Q: Is it a profitable business at this point? Does it have comparable margins for your running business?
A: Yes.
Q: Is it going to be an all-cash transaction for you? Will you need to raise money for the buy?
A: This is an all-cash transaction and we have already arranged for the funding.
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