Ducol Organics & Colours Limited has acquired 100% equity capital of Bitumag Industries Private Limited, a prominent player in the waterproofing solutions market.
The transaction, valued at ₹39.7 crore, was finalized through a share purchase agreement with Optichem Specialties FZE.
ALMT Legal acted as legal advisors to DUCOL on this acquisition. The Firm conducted an exhaustive legal due diligence and was instrumental in the drafting, negotiating and finalizing the definitive agreement. The Firm also provided comprehensive regulatory advisory support and remained actively involved through the final stages of the transaction.
The transaction team was led by Statira Ranina (Senior Partner) and Vaishakh Kapadia (Partner), ably supported by Amishi Vira (Senior Associate) and Natiana Godinho (Associate).
The acquisition, effective April 17, 2025, marks Ducol’s entry into the non-pigment dispersion segment, particularly in the growing waterproofing and construction chemicals market. Bitumag has an annual production capacity of 10 million square metres and reported revenue of ₹36.82 crore with a profit after tax of ₹3.04 crore for FY25 (up to February 28). The transaction was partly funded through a ₹22.1 crore preferential allotment approved in May 2025.
According to Ducol, the strategic move is aligned with its plan to diversify beyond pigment dispersions by leveraging its existing technological and manufacturing strengths. The acquisition is expected to open new growth avenues in infrastructure-oriented sectors like bridges, tunnels, and real estate, while enhancing Ducol’s product portfolio and customer base.
Established in 1994, DUCOL is a renowned pigment dispersions company. It specializes in the manufacturing and distribution of pigments, preparations, concentrates, pastes, colorants, and masterbatches.
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