Tata Chemicals International (TCIPL), a 100% subsidiary of Tata Chemicals (TCL), has signed a Share Purchase Agreement (SPA) to acquire 100% equity shares of Novabay for €25 million (equivalent to ~₹260 crore).
Novabay is a Singapore-based manufacturer of premium-grade sodium bicarbonate, primarily serving the pharmaceutical, food, and personal care industries in Europe, Americas, Oceania, ASIA, the Middle East and ASEAN markets.
Post the completion of this acquisition, Novabay shall become a 100% subsidiary of TCIPL.
Ramakrishnan Mukundan, Managing Director & CEO, TCL, said, “Novabay’s focus on premium-grade sodium bicarbonate aligns seamlessly with TCL’s strategy to expand its presence in high-value, non-cyclical product segments. This acquisition strengthens TCL’s capabilities in specialty bicarb market and enhances our ability to serve premium customer requirements.”
“Novabay is among the largest premium sodium bicarbonate producers in the Asia-Pacific region (excluding China), supplying high-value grades for pharmaceutical, personal care, and food applications. The company holds key cGMP, API, and related certifications, supported by a fully automated facility. With a current capacity of approximately 60,000 tons and potential to expand to 100,000 tons, Novabay is well-positioned for growth,” he adds.
“The premium-grade sodium bicarbonate market benefits from steady demand in healthcare, personal care, and food sectors. Rising haemodialysis needs, improved access to medical care, and growing consumption in emerging markets drive this demand. We believe this strategic acquisition will accelerate TCL’s long-term growth and value creation,” he concludes.
