Pharma packaging material maker Ess Dee Aluminium Ltd is in talks to acquire Vedanta Resources Plc's foils business, India Foils Ltd, a company official said on Wednesday.
“We are in talks,” Director Ajay Doshi said. “We have to evaluate our position.” Ess Dee was on the lookout for acquisitions in India and Europe, Chairman and Managing Director Sudip Dutta said last week, adding due diligence had begun on an Indian firm, but had declined to identify it.
The company would use the Rs 81.08 crore that it raised by selling a 5 per cent stake to Morgan Stanley for the acquisition, he had said.
Earlier, the Economic Times paper reported that Vedanta expected a valuation of Rs 250-300 crore for the the Kolkata-based India Foils. Vedanta officials were not immediately available for comment. (ET)