In order to refinance a part of its debt, Kanoria Chemicals & Industries (KCI) is reportedly in advanced talks with Piramal Fund Management to raise close to Rs 300 crore. The investment will be a structured debt transaction through which KCI will refinance a large portion of loans taken by its subsidiaries.
KCI is a leading manufacturer of chemical intermediates in India. Apart from chemicals, it has diversified business interests including automotive and industrial electronics, renewable energy and textiles. The company has two chemicals manufacturing facilities, one at Ankleshwar in the state of Gujarat, which manufactures Alcohol based intermediates and the second at Visakhapatnam in the state of Andhra Pradesh, which manufactures Formaldehyde, Hexamine and resins.