CHENNAI: US-based TFCC International is set to acquire 46 per cent stake in Chennai-based Ramcharan Co Pvt Ltd by investing $4.14 billion (about Rs 31,000 crore) in the company, according to a release.
Considered to be one of the biggest fundings in the Indian chemical sector, the investment by TFCC will be in the environment to energy management systems and renewable energy devices with high storage capacity made from sodium silicate. This investment will be made with a horizon of five to seven years and the first round would be closed by January 2022, the release said.
The technology used by Ramcharan allows for zero toxic residue, and can be used to convert all types of unsegregated waste into energy, with zero residue to the environment, making it the first of its kind globally and also the safest.
As per Registrar of Companies (RoC) in Chennai, both the Indian arm of TFCC International and Ramcharan Company share the same registered address at Raheja Tower on Anna Salai.