M&A in chemical industry will continue to rise – Report

An abundant appetite for industrials & chemicals (I&C) deals have seen mergers and acquisitions (M&A) across the sector scale new heights, reaching its highest quarterly value since Q3 2016 ($ 168bn), according to a report by Mergermarket Group. The deal value stood at $123.7 billion in the first quarter, representing an increase of 42.1% from Q4 2017 and 24.6% from the average quarterly value across 2017. The strong start of the year also places the sector top in market share terms by deal count. Read more


Reliance Industries Limited (RIL) plans to shut oil and gas production at its main fields in KG-D6 block in the coming months. And begin complying with the government’s guidelines for decommissioning facilities in the Bay of Bengal block where output has hit its lowest ever. RIL had till date made 19 oil and gas discoveries in the Krishna Godavari basin. Of these, MA—the only oil discovery in the block—began production in September 2008. Dhirubhai-1 and 3 (D1 and D3) fields went onstream in April 2009. Read more


Indian Oil Corporation Limited (IOC) said that its board has approved a Rs 4,221 crore project to set up a petrochemical projectat Paradip in Odisha. The board, “accorded approval for implementation of 357-kilotons per annum ethylene glycol Project along with associated facilities at Paradip based on off-gas of the fluid catalytic cracking unit at an estimated cost of Rs 4,221 crore,” the company said in a regulatory filing. IOC would use by-products generated from refining crude oil at its 15 million tonnes a year refinery at Paradip to manufacture ethylene glycol. Read more


PPG Industries said that it will lay off about 1,100 people and take a pretax restructuring charge of between $80 million and $85 million in the second quarter. The Pittsburgh-based firm disclosed its plans in a filing made with the Securities and Exchange Commission. The company employs about 47,200 worldwide, and the announced job cuts equate to about 2 percent of its workforce. The company approved a business restructuring plan after North Carolina-based Lowe’s that it would stop selling PPG’s Olympic brand paints and stains. PPG also cited ongoing price increases for raw materials. Read more