Remedium Lifecare Ltd. (BSE: 539561), a company engaged in trading API intermediates (KSMs and CRMs) and various other raw materials essential to API trading, has announced that it has entered into a strategic agreement with Angel Partners, Ltd., UK, effective July 29, 2024, to acquire technology for manufacturing lithium carbonate in India.
The company also signed an annual Supply Agreement with Alfa Chemicals and Solvents Ltd., Turkey, effective the same date. Supplies of technical-grade lithium carbonate will commence in the January-March 2025 quarter. The supplies for CY 2025 are valued at USD 20-25 million. Technical-grade lithium carbonate is used in lithium-ion batteries for electric vehicles and portable electronics. Remedium has partnered with various contract manufacturers to produce technical-grade lithium carbonate using the technology from Angel Partners, Ltd.
The company’s board will further meet on 08 August 2024 to consider the acquisition of an unlisted company in the specialty chemicals sector with a global footprint. The acquisition will be executed via a stock swap and the issuance of optionally convertible debentures, resulting in a 100% buyout. The acquisition value is expected to be around INR 1000 crores, subject to agreement on valuation parameters and the completion of due diligence on the target company’s financials and legal formalities.