MUMBAI, INDIA (Feb. 2, 2:15 p.m. ET) — Binani Industries Ltd., an Indian holding company with a range of commercial interests ranging from plastics to mining, has bought Battice, Belgium-based 3B Fibreglass for 275 million euros ($362 million).
The Mumbai firm, which is the holding company of the Braj Binani Group, bought 3B from Platinum Equity. The deal is Binani's third global acquisition in six years.
Braj Binani, chairman of Binani Industries Ltd., said the acquisition of 3B, which specializes in products and technologies for the reinforcement of a range of plastics, would strengthen the group's core operations at a global level.
“We are among one of the few groups globally that has a robust presence in this niche segment and we are working to accelerate our fiberglass operations further over the coming years. 3B is therefore a perfect match,” he added.
Following the integration of 3B Binani said the enlarged group would become a prominent supplier to industries like automotive, wind energy, electrical, electronics, marine, infrastructure and transportation, primarily in Europe, where approximately 90 percent of 3B's customers are based.
“Furthermore, the manufacturing plants that Binani Industries will own in Battice in Belgium and Birkeland in Norway will help it serve blue-chip customers in northern and central Europe,” he said.