Mumbai: Fineotex Chemical Limited (FCL), a specialty chemicals manufacturer, has announced the acquisition of US-based CrudeChem Technology through its US-based subsidiary. This move allows the company to expand its portfolio in the global oil and gas sector. CrudeChem Technologies Group (CCT) is well-known for its environmentally responsible, ESG-compliant solutions for the oil and gas industry. Through its three world-class technical laboratories in Texas, the company brings a robust foundation of scientific depth and operational strength.
The company has a diversified presence across verticals, serving textile, water treatment, home care and oil and gas sectors. This acquisition will add to its manufacturing capabilities, which currently includes two plants in India and one in Malaysia. The acquisition will also strengthen the company’s presence in the Americas, especially in the Oil and Gas sector, which requires various products across midstream, water-treatment and refining applications. The market for specialty chemicals in the oil and gas sector in North America is almost $11.5 billion
“This acquisition marks a defining remarkable moment in Fineotex global growth journey to build a $ 200 million oil field chemical business within the coming years. The U.S. company’s outstanding technological capabilities, strong customer relationships, and commitment to sustainable performance perfectly complement our long-term vision. Together, we are creating a powerful global platform that will deliver world-class specialty solutions and set new standards of innovation and environmental responsibility in the oil and gas industry. Fineotex will hold a controlling stake and plans to gradually increase its investment and ownership over the coming years.” Mr. Sanjay Tibrewala, Executive Director, Fineotex Chemical Limited, said in a press release to the bourses.
