The company also announced it plans to sell its leather services business for Rs 156 crore.
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These two proposals were considered and approved at the company's Board meeting held today, Clariant Chemicals said in a BSE filing.
The Board "approved the proposal for acquisition of masterbatch business from Vadodara-based Plastichemix Industries for a consideration of Rs 135 crore," said Clariant Chemicals (India), which is part of Swiss speciality chemical giant Clariant AG.
The acquisition of the Plastichemix' manufacturing units located at Rania, Nandesari and Kalol in Gujarat would be subject to terms and conditions set out in the draft agreement, it said.
The deal is scheduled to be completed by the first quarter of 2014, it added.
Plastichemix Industries, founded in 1977, serves all sectors of the plastic processing industry. The product range is marketed under the brand names 'Spectramix' 'Polyadd' and 'Polyfill'.
Post the acquisition, Clariant Chemicals said, it will be the largest specialty masterbatches business producer in India and aims to double its business in the next five years.
Clariant Chemicals (India) Vice Chairman and Managing Director Deepak Parikh said: "This acquisition reinforces our long-term growth strategy in India and will further elevate our market position."
Clariant sees bright future for masterbatches business in India and forecast double digit growth in near future, he said in a separate statement.
On proposed sale of one of its businesses, Clariant Chemicals said its Board "considered the proposal for sale of the business of leather services for a net consideration of Rs 156 crore" subject to the approval of shareholders and to necessary adjustment as on the effective date.
The notice of postal ballot will be sent to shareholders for their approval, the company said.
Clariant Chemicals (India) has production facilities for manufacturing textile chemicals, paper specialities and emulsion products at its Roha (Maharashtra) plant.
Clariant stock price
On December 16, 2013, Clariant Chemicals India closed at Rs 628.25, down Rs 16.5, or 2.56 percent. The 52-week high of the share was Rs 673.00 and the 52-week low was Rs 371.10.
The company's trailing 12-month (TTM) EPS was at Rs 73.11 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 8.59. The latest book value of the company is Rs 188.11 per share. At current value, the price-to-book value of the company is 3.34.
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