Archean Salt Holdings raises Rs. 135 cr for expansion.

Chennai-based industrial conglomerate Archean Salt Holdings has raised Rs. 135 crore ($22 million) from private equity major Kohlberg Kravis Roberts (KKR).

The funding is to propel the company's expansion plans and will be completed in two tranches, said people familiar with the development.

While o3 Capital and Metis Family Office acted as joint financial advisors to the Archean Group on the deal, law firm J Sagar Associates’ Chennai partner, Aarthi Sivanandh, and senior associates, Tamara Devanandan and Bhavana Elizabeth Alexander, acted for Archean.

The Archean Group has diversified business interests in industrial salt, mining and minerals, shipping, building materials, oil and gas services, and industrial chemicals and fertilizers. The company is expanding its industrial salt capacities at Kutch in Gujarat by 3 million tonnes per annum at a total cost of Rs. 1,200 crore.

The group identified the rising demand for industrial salt 15 years agoand set up capacities in Kutch, said officials.

For national corporate law firm J Sagar Associates (JSA), the deal was among the first few to be rolled out from its new office in Chennai. In March this year, JSA merged with four-year-old law firm, Vichar Partners, to expand in Chennai, its sixth office, besides its existing presence in Mumbai, New Delhi, Gurgaon, Bangalore and Hyderabad.

Speaking to Business Line about the new office and practice, Berjis Desai, Senior Partner, JSA, said there was a growing demand from both domestic and international clients to practice in Chennai.


HBL