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Indian firm to acquire Trona Railway owner Searles Valley Minerals

Indian soap and detergent maker Nirma Ltd. recently reached an agreement to acquire U.S.-based Searles Valley Minerals Operations and Searles Valley Minerals Inc. (collectively known as SVM) from private investment firm Sun Capital Partners Inc. and minority shareholders. Terms weren't disclosed.

SVM, which produces soda ash, sodium borates, boric acid and sodium sulphate, owns Trona Railway Co., a 30-mile short line that interchanges with Union Pacific Railroad in Searles, Calif. SVM also operates three manufacturing plants in Argus, Trona and Westend, Calif., owns a power plant and is part of a joint venture involved in port operations in Long Beach, Calif.

Nirma formed Karnavati Holdings Inc., a wholly owned U.S. subsidiary based in Delaware, to complete the SVM acquisition.

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More News from 12/11/2007